Friday May 9, 01:48 PM
Sonic lowers 2008 earnings growth outlook on weak March comparable sales
NEW YORK (Thomson Financial) - Sonic Corp (NASDAQ: SONC - news) . Friday lowered its 2008 earnings outlook, forecasting growth of 9% to 12% over its 2007 results of 96 cents a share. It previously saw growth of 15% to 17%.
The mean estimate of analysts polled by Thomson Reuters (TRI.TO - news) is for 2008 earnings of $1.11 a share.
The lower outlook came on weak March results, the company said, noting that its March same-store sales were 'considerably below' its long-term target of growth of 2% to 4%. Sonic expects its third-quarter comparable sales to be below its 2% to 4% growth outlook as well.
Shares of the fast food company closed Thursday at $22.13.
Ryan Vlastelica
rv/pc
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