BLACK MOUNTAIN, N.C. -- Ingles Markets here said net income rose 51.2% to $4.6 million in the third quarter ended June 25.
eriod. Ingles did not release quarterly same-store sales results.
Robert Ingle, chairman and chief executive officer, said this was the ninth consecutive quarter Ingles has reported increased sales and the seventh straight quarter of higher net income.
"We attribute our success to the continuation of the lower-price strategy on dry grocery goods that we commenced during the third quarter of fiscal 1992; the implementation this year of an aggressive merchandising and pricing strategy to boost sales in our perishables departments; increased variety in our grocery departments and certainly the loyalty of our customers," he said.
Ingles has 16 new stores under construction and 28 in various stages of expansion or remodeling. Six of the new stores and five of the remodels are expected to be completed this year.
Marshall Johnson, a securities analyst with Scott & Stringfellow, Greensboro, N.C., said Ingles continues to do certain things in an "exceptional way to build profitability," including its merchandising and pricing strategy, its good controls in the perishables departments and its ability to watch costs very closely.
Same-store sales increases "certainly speak for themselves," Johnson said, noting that Ingles has resumed merchandising such so-called luxuries as service delis as the economy has recovered.