Ingles' 2nd quarter profit down, sales up |
Written by David Horn
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Monday, 30 April 2012 11:17 |
(ASHEVILLE) -- Ingles Markets, Inc. reported second quarter net income of $6.5 million. This compared to net income of $7.7 million for the same period of the prior years. The Asheville-based supermarket chain reported that its net sales were up $11.3 million to $881.7 million.
“We are pleased with our sales growth in the second quarter especially since last year’s second quarter included a lot of inclement weather that resulted in higher sales for the prior year," said chief executive officer Robert P. Ingle II. “We remain committed to providing value to our customers by investing in improvements to our store base and our distribution system."
The company is on target to open a new 830,000 square foot warehouse and distribution center in Buncombe County. The facility should open next quarter, according to Ingle.
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