BLACK MOUNTAIN, N.C. -- Ingles Markets' store replacement program has been an important contributor to the chain's strong financial results, according to Robert P. Ingle, chairman and chief executive officer, who spoke at the annual meeting here last week.
ng expanded, remodeled or replaced, Ingle added.
Noting the company has just completed its "best year ever," Ingle reaffirmed plans at the meeting to open seven new units in 1995.
Another element of the chain's replacement program will be geared only toward limited situations. Ingles' Best Food no-frills stores will continue to be used only as a replacement for smaller Ingles units that have closed, said Landy B. Laney, president. The company has no plans to seek out new sites for this format, he said.
As reported, Ingles recently posted its 11th consecutive quarter of increased sales with a 10.9% rise to $330.2 million.