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UPDATE 1-Sonic posts lower quarterly profit

Fri Oct 17, 2008 8:52am EDT

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* Profit falls on higher commodity, labor costs

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* Same-store sales fall 0.6 percent

CHICAGO, Oct 17 (Reuters) - Sonic Corp (SONC.O) posted an 8 percent drop in quarterly profit on Friday as the drive-in restaurant chain was hurt by higher ingredient and labor costs.

For the fiscal fourth-quarter ended Aug. 31, the company reported net income of $20.2 million, or 33 cents a share, compared with $22 million, or 34 cents a share, a year ago.

Revenue rose 1.2 percent from last year to $226.9 million.

Analysts on average had expected the company to earn 33 cents a share, according to Reuters Estimates.

Oklahoma City-based Sonic said same-store sales declined 0.6 percent during the quarter. (Reporting by Ben Klayman, editing by Dave Zimmerman)

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