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 ...
REGISTER TO VIEW THIS ARTICLE - Register for a Free Account
Why Register for FREE?
Registering for content on Supermarket News will give you INSTANT access to invaluable articles and media content that industry professionals rely on. You will have access to our special reports, feature articles, and industry analysis. It’s FREE, easy and quick. What are you waiting for! In addition you will also receive a complimentary copy of SN's salary survey sent to you by email.
Attention Paid Print Subscribers: While you have already been granted free access to SN we ask that you register now. We promise it will only take a few minutes! Or visit your profile and add your print magazine account number and zip code.