Ingles Markets, Asheville, N.C., said Monday earnings were positive on increased sales for the third quarter ended June 28.
Net income for the quarter was $13.8 million, compared with a loss of $14.4 million a year ago, when Ingles incurred a pre-tax loss of $43.1 million on debt refinancing.
Sales for the quarter rose 4.7% to $978.3 million and comparable store sales increased 2.1%, excluding gasoline — aided by the shift of Easter from last year’s second quarter to this year’s third.
The company said customer transactions, excluding gas, rose 0.3% for the quarter and average transaction size rose 1.8%. For the year to date net income rose to $33.8 million compared with $5.2 million, while sales increased 2.9% to $2.9 billion and comps were up 0.9%.
According to CEO Robert P. Ingle II, “We are pleased with the growth of our sales and earnings for the third quarter and fiscal 2014 made possible by our hard-working associates achieving our long-term goals.”
Capital expenditures for the nine-month period dropped to $72.6 million, compared with $76.8 million a year ago. The company said cap-ex for the year is expected to be in the range of $100 million to $120 million.
|Suggested Categories||More from Supermarketnews|