Building Spree Drains Ingles Q2 Earnings

ASHEVILLE, N.C. — Ingles Markets continues paying the price for an accelerated store development strategy. Expenses associated with 22 new or redeveloped stores in fiscal 2008 and 2009 — which have been slower to ramp up as a result of the economy — contributed to a 28% decline in net income for the second quarter, the company here said Friday.

ASHEVILLE, N.C. — Ingles Markets continues paying the price for an accelerated store development strategy.

Expenses associated with 22 new or redeveloped stores in fiscal 2008 and 2009 — which have been slower to ramp up as a result of the economy — contributed to a 28% decline in net income for the second quarter, the company here said Friday. Sales in the quarter, which ended March 27, of $837 million i

Register to view the full article

test - Advanced Registered User

Already a member? .