New-Store Struggles Sink Ingles Q2 Profit

A brisk slate of store openings and remodels — and their associated costs in a sputtering economy — is draining profits for Ingles Markets, the company acknowledged Tuesday.

ASHEVILLE, N.C. — A brisk slate of store openings and remodels — and their associated costs in a sputtering economy — is draining profits for Ingles Markets here, the company acknowledged Tuesday.

The retailer said higher personnel, depreciation and occupancy costs from new and expanded stores were primary factors in a 40% decrease in net income for the second quarter, which ended March 28. In addition, unfavorable economic conditions are extending the time needed for new and r

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