BLACK MOUNTAIN, N.C. -- Ingles Markets here recorded its 11th consecutive quarter of increased sales in the first quarter ended Dec. 24. However, the company also reported a loss in net income, which it attributed to a change in accounting principles.
or last year's first quarter by the same amount -- net income dropped 46.5% to $3.8 million from $7.2 million in 1993.
Robert P. Ingle, chairman and chief executive officer, said the company's sales growth was due to several key factors: a low-price strategy on dry grocery, an aggressive merchandising and pricing strategy in the perishables departments, increased variety in grocery, and ongoing real estate development plans, including expansion and remodeling efforts.
During the three-month period, the company replaced two older stores and opened five new stores in Georgia. One of the older sites was replaced with a new 52,000-square-foot prototype store. Ingles operates 180 supermarkets in six Southeastern states.