BLACK MOUNTAIN, N.C. -- Ingles Markets here said sales for the fiscal year ended Sept. 27 were up 4.3% from $1.47 billion last year to $1.54 billion.
and chief executive officer said 1997 was "another year of solid performance.
"We recorded strong operating results, improved our financial position and set the stage for continued growth and prosperity."
Earnings before interest, income taxes, depreciation amortization and an extraordinary charge of $600,000 associated with the early extinguishment of debt increased 7.8% to $102.9 million, or 6.7% of sales, compared with $95.5 million, or 6.5% of sales, last year. Ingle said capital expenditures increased 6.3% to $114.1 million, compared with $107.3 million last year. Fiscal year 1997 also saw the company open 11 new stores, replace five existing units and close one older store.