Drive-in chain reports higher profit, improving sales
Sonic Corp. shares got a boost Wednesday after the 3,558-unit drive-in operator reported improving sales trends in the first quarter and outlined initiatives for the rest of the year. Sonic's share price rose nearly 12 percent to $11.31 on Wednesday, a day after the Oklahoma City-based company released latest-quarter results that included a 16-percent jump in profit after a tax benefit helped offset a decline in revenue. For the quarter ended Nov. 30, Sonic said net income rose to $7.2 ...
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