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INGLES MARKETS REPORTS 6.5% COMPS

ASHEVILLE, N.C. -- Ingles Markets here reported a comparable-store sales increase of 6.5% during its fiscal third quarter ended June 26.troubled competitors, reduced costs, and improved performance in customer loyalty and perishable sales, said Brenda Tudor, Ingles' chief financial officer, in a conference call. For the nine-month period, sales were up 7.1% to $1.6 billion, and comps were up by 6.2%,

ASHEVILLE, N.C. -- Ingles Markets here reported a comparable-store sales increase of 6.5% during its fiscal third quarter ended June 26.

troubled competitors, reduced costs, and improved performance in customer loyalty and perishable sales, said Brenda Tudor, Ingles' chief financial officer, in a conference call. For the nine-month period, sales were up 7.1% to $1.6 billion, and comps were up by 6.2%, Ingles said. Net income increased 101.2% to $17.2 million.

According to Tudor, Ingles experienced 21 competitive openings in its trade areas during the last nine months, including seven Wal-Mart stores and three Publix supermarkets. The same period saw seven competitive closings, including three each from Winn-Dixie and Bi-Lo.

More favorable procurement agreements and improvement in perishable sales helped stabilize profit as a percentage of sales after that declined during the first half of the fiscal year due in part to competitive issues, Tudor said.

3RD-QUARTER RESULTS

Qtr Ended: 6/26/04; 6/28/03

Sales: $537.9 million; $503.6 million

Change: +6.8%

Comp-store: +6.5%

Net Income: $8.2 million; $3.6 million

Change: +129.8%

Inc/Share: 35 cents; 16 cents

Nine Months: 2004; 2003

Sales: $1.6 billion; $1.5 billion

Change: +7.1%

Comp-store: 6.2%

Net Income: $17.2 million; $8.6 million

Change: +101.2%

Inc/Share: 74 cents; 37 cents

TAGS: Walmart