US regional retailer Ingles Markets has posted a 28% jump in quarterly profits on the back of improved sales.
Ingles, which runs over 200 supermarkets in six southern states, yesterday (31 January) booked first-quarter net income of US$7.7m for the three months to 25 December – up 28.3% on a year earlier.
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Net sales climbed 3.8% to $872.8m. Ingles said its grocery segment comparable-store sales, excluding fuel, were up 2.9%.
CEO Robert Ingle added: “We are off to a strong start for fiscal year 2011 with increased sales and profits that included Thanksgiving and Christmas. Overall conditions are improving somewhat but we continue to be cautious about the next few quarters.”
Shares in Ingles closed up 3.1% at $19.37 on the NASDAQ yesterday.
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