UPDATE 1-Sonic Automotive profit down 59 percent

Newswire

(Recasts, adds details and background) DETROIT, July 29 (Reuters) - Auto dealership chain Sonic Automotive Inc posted a 59 percent decline in quarterly earnings on Tuesday, hurt by an industrywide slowdown in U.S. new vehicle sales. The No. 3 U.S. auto retailer said net income fell to $10.9 million, or 27 cents a share, from $26.4 million, or 57 cents a share, a year earlier. The company reported a profit of 49 cents share from continuing operations. Revenue fell 1.7 percent to $ ...

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