Expenses Mute Ingles' Profit

Bills for a busy schedule of store openings contributed to a 12.3% decline in first-quarter net income for Ingles Markets, the retailer said last week. The results which accompanied a slower pace of sales gains that Ingles attributed to a softening economy prompted some debate between company officials and an investor during a conference call. At issue was whether Ingles' capital

ASHEVILLE, N.C. — Bills for a busy schedule of store openings contributed to a 12.3% decline in first-quarter net income for Ingles Markets, the retailer here said last week.

The results — which accompanied a slower pace of sales gains that Ingles attributed to a softening economy — prompted some debate between company officials and an investor during a conference call. At issue was whether Ingles' capital spending — approximately $375 million over the past two fiscal years, ma

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