Ingles’ Q3 Profits Down on Refinancing Costs

Ingles Markets said Monday that same-store sales for the third quarter, excluding gasoline and adjusted for Easter, were up, but net income was down because of refinancing activities, the economic slowdown and increased store-development costs.

ASHEVILLE, N.C. — Ingles Markets here said Monday that same-store sales for the third quarter, excluding gasoline and adjusted for Easter, were up, but net income was down because of refinancing activities, the economic slowdown and increased store-development costs.

For the three-month period that ended June 27, net income totaled $4.7 million, vs. $16 million in the year-ago quarter. The results included $10.2 million of prepayment penalties and loan-cost write-offs related t

Register to view the full article

TAGS: News