Sonic: Weakening Search Index Puts Sales Metrics at Risk
Summary:
Eagle Alpha’s Search Signals indicator for Sonic has weakened into the December quarter. Both the one month and three-month indices have rolled over and imply a risk of weaker same-store sales, especially when compared to consensus expectations for the next two quarters.
Eagle Alpha Insight:
Search data is implying further weakness from recent quarterly trends and places SSS at risk in coming quarters.
Sonic, through its subsidiaries, operates and franchises the chain of drive-in restaurants (Sonic Drive-Ins). As of Aug 31 2017, the company systems included 3,593 Sonic Drive-Ins in 45 states of which 3,365 were owned and operated by franchisees and 228 were owned and operated by Sonic Restaurants, Inc., the company's operating subsidiary. The company's food items include specialty drinks, ice cream desserts, made-to-order cheeseburgers, chicken entrees ranging from sandwiches to boneless wings, a variety of hot dogs including beef hot dogs and footlong quarter pound coneys, hand-made onion rings and tater tots. Sonic Drive-Ins also provides breakfast items that include a variety of breakfast burritos.
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