ASHEVILLE, N.C. -- Ingles Markets here said that debt repayment, a smaller store base and mild weather led to a decline in sales and earnings for the first quarter, ended Dec. 29. Net income dropped 7.9% to $4.1 million, mostly due to a $400,000 charge related to the early extinguishment of approximately $162.4 million in debt. Sales dropped 1.1% to $500 million from the previous first quarter, and comparable-store sales also dropped 1%. Robert P. Ingle, chairman and chief executive ...
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