Expansion Costs Hit Ingles Profits

Ingles Markets yesterday said its aggressive store development and remodeling schedule in the second half of the year had a negative impact on fourth-quarter profits.

ASHEVILLE, N.C. — Ingles Markets here yesterday said its aggressive store development and remodeling schedule in the second half of the year had a negative impact on fourth-quarter profits. For the period, which ended Sept. 27, net income fell about 26%, to $10.5 million. Ingles said its capital expenditures “nearly doubled” in fiscal 2008, to $248.8 million. Cap-ex for the current year is projected to be between $140 million and $160 million, the company said in a conference call yest

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