Ingles Posts Q4 Sales, Profit Gains

ASHEVILLE, N.C. — Ingles Markets [2] here said it saw increases in both customer traffic and basket size in the fiscal fourth quarter, helping drive comparable-store sales gains of 2.2%, excluding gas.

The company said net income rose about 34%, to $11 million, for the quarter, which ended Sept. 24. Sales were up 5.8%, to $905.8 million.

For the full fiscal year, net income was up 26.6%, to $39.1 million, on a 5% increase in sales, to $3.56 billion. Comps for the year were up 2.3%.

In a conference call with analysts, the company said inflation was "volatile" in 2011, varying from category to category, and only partly influenced the sales gains. It expects more volatility in 2012.