Ingles’ Q1 Earnings Down as Opening Expenses Rise

Bills for a busy schedule of store openings contributed to a 12.3% decline in quarterly net income for Ingles Markets, the retailer said Thursday.

ASHEVILLE, N.C. — Bills for a busy schedule of store openings contributed to a 12.3% decline in quarterly net income for Ingles Markets, the retailer here said Thursday. Total operating expenses of $167.9 million in the fiscal first quarter, which ended Dec. 27, increased by 11.1% from the same period a year ago as the company absorbed opening and support costs for 11 new stores that opened during the previous nine months.

For the quarter, Ingles reported net earnings of $11.1

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