Sonic Corp (SONC) has reported a 5.30 percent rise in profit for the quarter ended Nov. 30, 2016. The company has earned $13.12 million, or $0.28 a share in the quarter, compared with $12.46 million, or $0.24 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.29 million, or $0.24 a share compared with $12.46 million or $0.24 a share, a year ago. Revenue during the quarter dropped 11.15 percent to $129.55 million from $145.80 million in the previous year period. Gross margin for the quarter expanded 237 basis points over the previous year period to 41.87 percent. Total expenses were 79.12 percent of quarterly revenues, down from 82.14 percent for the same period last year. This has led to an improvement of 302 basis points in operating margin to 20.88 percent.
Operating income for the quarter was $27.05 million, compared with $26.04 million in the previous year period.
"Our first quarter results reflect a sluggish consumer landscape and exceptionally strong prior-year performance," said Cliff Hudson, Sonic Corp. chief executive officer. "Although the business faces even tougher sales and margin hurdles in the second fiscal quarter, we remain optimistic in our ability to show sequential same-store sales and profitability improvement beginning in the second half of fiscal 2017."
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