Ingles sees 14 percent jump in profit

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

1

CNN Money has the story:

NEW YORK (Associated Press) – Supermarket chain Ingles Markets Inc. said Wednesday its first-quarter profit jumped 14 percent due to strong sales at stores open at least a year.

For the quarter ended Dec. 29, net income rose to $12.7 million, or 52 cents per Class A common share, from $11.2 million, or 46 cents per Class A common share in the prior year quarter.

Revenue rose 13 percent to $777.1 million from $685.7 million in the first quarter of 2007.

Ingles Markets said sales rose in every department, led by increases in the gas, deli and bakery departments.

The company said its same-store sales, or sales at stores open at least a year, in its grocery segment rose 12.8 percent.

And there’s more detail in this BusinessWire story.