secwatch.observer — SEC 8-K summary
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Issuer:     SONIC AUTOMOTIVE INC (SAH)
CIK:        0001043509
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001043509-23-000013
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sonic Automotive Q2 revenue record $3.7B (+4% YoY), net income plunges 75% to $23.4M; EchoPark restructures
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- All-time record quarterly revenue of $3.7B, up 4% YoY; gross profit of $568.9M, down 3%.
- Reported net income $23.4M ($0.65 diluted EPS), down 75% and 72% YoY; adjusted net income $66.0M ($1.83 adjusted EPS), down 33% and 25%.
- EchoPark segment revenues $600.6M (-9% YoY); gross profit $26.8M (-44%); unit sales up 4% to 17,084.
- Closed 8 EchoPark hubs and 14 delivery/buy centers plus 3 Northwest Motorsport locations; $13.2M segment loss in Q2.
- Recorded $75.2M charge for closed stores including $62.6M non-cash impairment; expects $2.5-3.0M quarterly ongoing expenses.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1043509/000104350923000013/0001043509-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1043509/000104350923000013/sah-20230727.htm
  HTML page:      https://secwatch.observer/filing/0001043509-23-000013

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