ASHEVILLE, N.C. — Stock in Ingles Markets shot up Friday after the retailer here reported a 42.6% increase in net income and a 12.1% increase in sales for the fiscal third quarter that ended June 30. Ingles officials said they held the line on cost increases during the quarter to maintain market share and drive the top line. The policy helped drive comparable-store sales by 11.9% — 9.4% excluding fuel — during the quarter as both shopping trips and average basket size increased, company officials said. Overall Ingles reported earnings of $19.7 million on sales of $738.7 million. Fiscal year-to-date earnings of $44.4 million already exceed earnings from the prior fiscal year.
Read More of Today's Headlines