Lower gas prices helped Ingles Markets achieve higher profits at the pump and left customers with more cash to buy groceries. The result was a 57.7% improvement in net earnings and a 2.1% increase in sales in the fiscal first quarter.
“I think the biggest impact with lower gas prices, [is that] the consumer just has a lot more money in his pocket,” Ron Freeman, Ingles CFO, said in a conference call discussing results of the period, which ended Dec. 27. “He is coming in. H