ASHEVILLE, N.C. — Ingles Markets here on Friday said posted double-digit gains in sales for its third fiscal quarter, and earnings also increased when adjusted for one-time gains in the year-ago period. Net income on an absolute basis was down 19.1%, to about $16 million, but rose 8.1% excluding extraordinary gains in the third quarter of 2007. Total sales rose 13.1% in the period, to $835.3 million, and comparable-store sales excluding gas and adjusted for the early Easter this year were up 7.1%. Unadjusted comps rose 13.3%. The company said store traffic rose 8.9% in the third quarter, while the average transaction fell 51 cents. Through nine months, net income was $41.7 million, down 6.1%, but rose 14.9% when adjusted for one-time items. Sales grew 13.8% year-to-date, to $2.4 billion, and comps grew 8.1%, excluding gas.
Read More of Today's Headlines
