BLACK MOUNTAIN, N.C. -- Higher interest expenses resulted in decreased net income for Ingles Markets here in the second quarter and first half ended March 25, the company said.
That decline broke an eight-quarter string of higher net income results.
Net income for the three months fell 43.5%, from $3.9 million to $2.2 million. Net income for the six months dropped 45.4%, from $11 million to $6 million.
Net sales increased 8.8%, from $301.5 million to $327.9 million,