Sonic Falls After Restaurant-Expansion Plan Misses Targets
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Sonic Corp., the drive-in burger chain, fell 10 percent after saying it will open fewer franchised restaurants this year than it had planned.
About 22 to 27 new franchised restaurants will be opened in the current quarter, the company said Monday in a statement. That would leave Sonic with a maximum of 47 new restaurant openings in its current year, missing its goal for 50 to 60 new franchises, executives said on a conference call Monday.