Sonic +2.8% AH, SSS +2.2% Y/Y, expects 40-50 franchise openings in FY2014

|About: Sonic Corp. (SONC)|By:, SA News Editor

Sonic (SONC) shares are up 2.8% in volatile AH trading after FQ1 EPS came in-line and revenue slightly missed expectations.

System-wide same store sales increased 2.2% Y/Y, with a 2.3% franchise location increase outpacing a 1.9% bump at company drive-ins.

The company expects various initiatives to drive 14%-15% in EPS growth in FY 2014 on positive SSS in the "low single digit range," 40-50 franchise openings with fewer closings, and a 75bp-100bp margin improvement at company drive-ins on the back of implementation of a new PoS system.

PR, Conference call at 5pm ET