Sonic Corporation (SONC) stock was down on Wednesday following a sales warning for its upcoming quarter.
Sonic said that its same-store sales for Q3 2016 will likely be below its guidance of 4% to 6%. However, it did note that those comparable sales will still be an increase over what was reported during the same time last year.
Sonic is expecting a weaker same-store sales growth for the Q3 due to “slower industry traffic and modestly unfavorable weather during the quarter.” The company’s fiscal third quarter will end on May 31, 2016.
Sonic also announced a new share repurchase plan that was approved by its Board of Directors. The company allowing for $155 million in shares to be repurchased through August 31, 2017.
SONC shares were down 6% as of Tuesday morning.
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