ASHEVILLE, N.C. — Improved selections and effective price promotions helped lift sales volumes and earnings for Ingles Markets in its fiscal forth quarter ended Sept. 29, the company here said Monday. Sales increased 3.2% to $746 million for the 13-week quarter, as compared with a 14-week quarter a year ago. Excluding the effects of the extra week in 2006, sales were up 9.6% and comparable-store sales increased by 9.3%. Increases in gasoline sales brought gross profits as a percent of sales down to 24.1% from 24.6% in the same period last year, but improved overall volumes helped lift net profits by 23.3% to $14.2 million in the quarter. For the fiscal year, Ingles said profits increased 37.7% to $58.6 million, on sales of $2.85 billion, a 9.2% increase. Officials said they would spend approximately $105 million in capital during fiscal 2008 on projects including 10 new or replacement stores and 10 new fuel centers.
Read More of Today's Headlines