ASHEVILLE, N.C. -- Ingles Markets here said last week its major focus for fiscal 2001 was improving its existing store base.
r remodels/expansions and six minor remodels.
Last week, the company also released its financial results for the fourth quarter and fiscal year ended Sept. 29.
For the 13-week quarter, sales declined 4.8% to $488.8 million; however, after adjusting for an additional week in last year's fourth quarter, sales increased 2.6%.
Also in the quarter, comparable-store sales rose 3.5%, and net income increased 3.2% to $4.3 million, with net earnings of 19 cents per share, compared with 18 cents per share in last year's four quarter.
For the 52-week fiscal year, sales increased 1.9% to $2 billion, or 3.9% when adjusted against last year's 53-week fiscal year.
Also for the year, comps grew 3.6%, but net income declined 15.2% to $17.9 million, and earnings per share were 79 cents, compared with the previous year's 93 cents.
Commented Robert F. Ingle, chairman and chief executive officer, "Our comparable-store sales have remained strong, while our gross margins continue to improve through effective purchasing and expansion of higher-margin departments. We are thankful for another successful year."
