US: Refinancing erodes Ingles Q3 profits
Refinancing costs have hit third-quarter earnings at US retailer Ingles Markets, the company said today (3 August).
The North Carolina-based group booked net income of US$4.7m for the three months to 27 June.
The result compared to US$16m a year earlier but included US$10.2m in pre-payment penalties and loan cost write-offs linked to Ingles' bond issue in May.
CEO Robert Ingle said: "The credit markets have been substantially closed for the past couple of years and could continue to be difficult for the foreseeable future. A window of opportunity opened in May and we took advantage of favorable conditions to implement this refinancing."
Net sales fell from US$826.8m compared to US$835.3m a year earlier. Excluding fuel, however, net sales were up 5.1%.
Excluding fuel sales and the effect of Easter, grocery segment comparable-store sales increased 1.9%.
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