Sonic Estimates Q3 Systemwide Same-store Sales Approx. Flat With Prior-year

(RTTNews) - Sonic Corp. (SONC) announced the company estimates third-quarter systemwide same-store sales were approximately flat with the prior-year quarter. The company reiterated its second-half fiscal year 2018 systemwide same-store sales guidance of flat to up 2%. The company also reiterated estimated adjusted earnings per share guidance for fiscal 2018 of between $1.43 and $1.50.

"Our third quarter same-store sales reflect solid, sequential improvement including a systemwide increase of approximately 2.5% during May," said Cliff Hudson, Sonic CEO.

Sonic also announced that its Board has authorized a $500 million share repurchase program through August 31, 2021, replacing the company's fiscal year 2018 authorization of $160 million. The company has repurchased approximately $110 million in stock through the end of its third fiscal quarter, leaving approximately $390 million on the new authorization.