Sonic 1Q profit rises nearly 34%

Sonic 1Q profit rises nearly 34%

Increase in net income includes favorable tax ruling

Sonic Corp. reported Monday that profit rose 33.8 percent in the Nov. 30-ended first quarter, boosted by a $500,000 favorable tax ruling in the period.
 
The Oklahoma City, Okla.-based parent company to the Sonic Drive-In brand said that when the tax-ruling benefit was excluded, net income rose 26 percent compared with the same period last year.
 
In 2014 fiscal year guidance, the company said it expected same-store sales gains “in the low singl

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