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.