Ingles Markets here said it plans to continue increasing its capital expenditures over the next few years. Robert P. Ingle, chief executive officer, said the company expects to spend $100 million in fiscal 2007, compared with $94.3 million in fiscal 2006 and $59.9 million in fiscal 2005. “We are going to be investing a lot, and we certainly expect to see that pay us back in increased profits,” he said in a conference call yesterday discussing earnings for the recently ended fiscal year. The 197-store chain plans to open four replacement stores in 2007, remodel four others and add fuel stations at several store locations. For the 14-week quarter net income rose 22.6% to $11.5 million on a sales increase of 22.4% to $723 million, with a comparable-store sales increase of 5.9%, excluding gasoline. Net income for the 53-week year rose 60.3% to $42.6 million, with sales increasing 14.9% to $2.6 billion. Comparable store sales rose 7.9%, excluding gasoline.
Ingles Boosts Cap-Ex Again - ASHEVILLE, N.C.
Ingles Markets here said it plans to continue increasing its capital expenditures over the next few years. Robert P. Ingle, chief executive officer, said the company expects to spend $100 million in fiscal 2007, compared with $94.3 million in fiscal 2006 and $59.9 million in fiscal 2005.
