Sonic’s 1st-Q earnings beat expectations

OKLAHOMA CITY Sonic Corp.’s profit for the first quarter ended Nov. 30 slipped 11 percent year-over-year, but earnings per share exceeded market expectations because of stock buybacks, the operator or franchisor of 3,500 drive-ins said.

Systemwide same-store sales grew 2.1 percent, with a 1.9-percent bump at franchised units and a 2.9-percent increase at partner drive-ins, in which Sonic holds a majority interest, the company said. That compares with a

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