Sonic Corp. shares sank nearly 12% in late Monday trading after the company reported a fiscal fourth-quarter sales miss and downbeat fiscal 2017 guidance. Net income totaled $25.4 million, or 53 cents per share, compared with $26.3 million, or 50 cents per share, for the same period last year. Adjusted EPS was 45 cents, beating the 44 cents FactSet consensus. Revenue totaled $162.1 million, down from $175.3 million and below the $167 million FactSet consensus. Systemwide same-restaurant sales fell 2%. “Slowing consumer trends that began in April… persisted through the fourth quarter, resulting in lower-than-expected sales and profits in the fourth fiscal quarter,” said Sonic Chief Executive Cliff Hudson in a statement. For fiscal 2017, Sonic expects adjusted earnings per share to be in the range of down 7% to flat year-over-year versus a FactSet estimate of a 12% increase. And same-store sales are expected to be down 2% to flat, systemwide. Sonic shares are down 18% for the year so far while the S&P 500 Index is up 5.3% for the same period.
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