ASHEVILLE, N.C. -- Ingles Markets here said last week sales for the 13-week second quarter ended March 25 rose 5.2% to $465 million.
and 3.2% year-to-date.
Earnings rose 55.4% to $6.4 million for the quarter and 38.1% to $11.3 million for the half, according to the company.
Other income for the quarter included $2.5 million from the sales of assets, including a shopping center where the land, building and equipment were sold, the company said, adding Ingles is no longer operating a supermarket at that location.
During the quarter, the company opened two replacement stores and completed three minor remodels, the company said.
Year-to-date, Ingles said it has opened two new stores and three replacement stores, and it has completed six minor remodels.
For the balance of the fiscal year, Ingles said it plans to open two new stores, replace six stores, complete the expansion/renovation of two stores and complete four minor remodels.
Robert P. Ingle, company chairman and chief executive officer, said, "Sales growth continues to be strong not only in new stores, but in our existing stores as evidenced by our comparable-store sales growth. We have continued our gross margin growth trend through both effective product management and increased sales distribution in the higher margin perishable departments.