Ingles' Sales Soar, but Expansion Costs Hit Profits

Ingles Markets said last week that fourth-quarter same-store sales rose 7.8%, excluding gas, but an aggressive development schedule and an effort to keep retail prices low put pressure on profit margins. For the period, which ended Sept. 27, net income fell about 26%, to $10.5 million. Operating expenses totaled $165 million in the most recent quarter, compared with $146.3 million

ASHEVILLE, N.C. — Ingles Markets here said last week that fourth-quarter same-store sales rose 7.8%, excluding gas, but an aggressive development schedule and an effort to keep retail prices low put pressure on profit margins.

For the period, which ended Sept. 27, net income fell about 26%, to $10.5 million.

Operating expenses totaled $165 million in the most recent quarter, compared with $146.3 million for the year-ago period. Increases in personnel costs, depreciation

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