Sonic Corp. profit dips in 1Q

Sonic Corp. profit dips in 1Q

Sonic Corp. on Wednesday reported profit and revenue were down in the first quarter while same-store sales inched up slightly.

The Oklahoma City, Okla.-based drive-in operator said profit fell to $5.5 million in the quarter ended Nov. 30 from $7.2 million in same period of 2010, which had included a tax benefit. Earnings per share were 9 cents in the first quarter, compared with 12 cents in the prior-year period with the favorable tax settlement.

Revenue for the quart

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