ASHEVILLE, N.C. — Bills for a busy schedule of store openings contributed to a 12.3% decline in quarterly net income for Ingles Markets, the retailer here said Thursday. Total operating expenses of $167.9 million in the fiscal first quarter, which ended Dec. 27, increased by 11.1% from the same period a year ago as the company absorbed opening and support costs for 11 new stores that opened during the previous nine months.
For the quarter, Ingles reported net earnings of $11.1 million on sales of $804.9 million. Overall sales increased by 3.6%, and comparable-store sales, excluding fuel, improved by 5.4%. Ingles said comps were “not as strong as recent experience, reflecting the current economic recession and its effect on consumer spending.”
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