US regional retailer Ingles Markets has booked an increase in full-year profits.
In the year ended 29 September, net profit amounted to US$43.4m, an 11.2% increase on the prior year period, the group reported today (7 December). Operating profit reached $123.8m from $118.5m last year.
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Net sales totaled $3.71bn for the fiscal year, an increase of 4.2% and the retailer’s 48th consecutive year of “record” sales, it said. Ingles Markets attributed the growth to an increase of 1.5% in the number of customer transactions. Grocery segment comparable-store sales (excluding gasoline) were up 1.9% for the year.
The retailer said it has responded to the current competitive environment by “keeping prices as low as possible in order to grow sales and market share”.
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