Store Openings Sink Ingles' Q2

A busy slate of store openings and remodels and their associated costs in a sputtering economy are draining profits for Ingles Markets here, the company acknowledged in an earnings report. The retailer said higher personnel, depreciation and occupancy costs from new and expanded stores were primary factors in a 40% decrease in net income for the second quarter, which ended March 28.

ASHEVILLE, N.C. — A busy slate of store openings and remodels — and their associated costs in a sputtering economy — are draining profits for Ingles Markets here, the company acknowledged in an earnings report.

The retailer said higher personnel, depreciation and occupancy costs from new and expanded stores were primary factors in a 40% decrease in net income for the second quarter, which ended March 28. In addition, Ingles said that unfavorable economic conditions are extendin

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