ASHEVILLE, N.C. — Higher expenses for new store development and charges associated with retiring debt sent net profits at Ingles Markets down by 50.4% during the fiscal fourth quarter that ended Sept. 26, the retailer here said Monday. Net profits of $28.8 million for the fiscal year fell by 44.7%, mainly as a result of higher expenses as a percent of revenue for Ingles, which said it was affected by a slower ramp-up of some of the 22 new stores it has opened or remodeled since 2008. “In a ...
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