Oklahoma City-Sonic Corp. said it remains comfortable with market expectations for earnings growth in the first quarter of fiscal 2001, as expressed by the current consensus estimate of 31 cents per share. In the first quarter last year, Sonic reported revenues of $66 million and net income of $7.5 million. The company expects to report results for the first quarter ended November 30 during the first week of January.
The company reported that estimated systemwide same-store sales during November were well below the planned range of 2 to 4 percent and, as a result, same-store sales will also be below the planned range for the quarter. "Sales during the latter part of the quarter were affected by the unseasonably cold and wet weather in many of our markets," said Clifford Hudson, CEO of Sonic. "As weather conditions in December have improved, sales have strengthened. We remain confident in our initiatives to drive same-store sales." -Business Wire