ASHEVILLE, N.C. -- Ingles Markets here said that last week sales increased, but net income fell due to higher operating costs for the second quarter and six months ended March 31.
et income fell 50.7% to $3.2 million for the quarter and 32.7% to $7.6 million for the half.
Robert P. Ingle, chairman and chief executive officer of the 207-store chain, said operating income fell during the quarter due to increased operating and administrative expenses, including higher labor costs, increased utility and repair costs and rental of new store equipment. He also said interest expense rose due to the cost of capital expansion, which encompassed one expansion during the quarter and four replacement stores that are due to open later in the year.
