INGLES MARKETS REPORTS NET EARNINGS, SALES GAINS

ASHEVILLE, N.C. -- Ingles Markets here reported big net earnings gains plus increased sales for the third quarter and nine months ended June 29.5.05 million from $10.6 million. Sales in the quarter rose 6.5% to $370.4 million from $347.8 million a year before. Volume in the nine months was up 8.6% to $1.1 billion from $1 billion. Same-store sales rose 5.8% in the nine months; they are not reported

ASHEVILLE, N.C. -- Ingles Markets here reported big net earnings gains plus increased sales for the third quarter and nine months ended June 29.

5.05 million from $10.6 million. Sales in the quarter rose 6.5% to $370.4 million from $347.8 million a year before. Volume in the nine months was up 8.6% to $1.1 billion from $1 billion. Same-store sales rose 5.8% in the nine months; they are not reported quarterly.

Two new store openings, four renovation/replacement projects and 12 store face-lifts fueled the same-store sales rise, Jack Ferguson, vice president of finance and chief financial officer, told SN. Lower operating and administrative costs, more competitive pricing and enhanced marketing and merchandising also helped lift results, he said. Ingles expects more efficiencies from store equipment upgrades and installation of electronic scanning systems in new and existing stores, he added.

3RD-QUARTER RESULTS

Qtr Ended 6/29/96 6/24/95

Sales $370.4 million $347.8 million

Change + 6.5%

Net Income $5.9 million $4.5 million

Change + 29.8%

Inc/Share 32 cents 25 cents

39 Weeks 1996 1995

Sales $1.1 billion $1 billion

Change + 8.6%

Same-store + 5.8%*

Net Income $15.05 million $10.6 million

Change + 42.4%

Inc/Share 82 cents 58 cents

Same-store sales not reported quarterly.