US retailer Ingles Markets has posted a drop in first-quarter net income despite a rise in sales.
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For the period ended 27 December, net income totalled US$11.1m – a drop from $12.7m for the comparable period in 2007.
Robert Ingle, chief executive officer, said: “We had a good holiday season for sales, but difficult economic conditions are having an effect on our operations.”
Ingles Markets posted a comparable-store sales increased of $35m, or 5.4%, excluding gasoline sales.
The company said the performance was not as strong as its recent quarters, reflecting the current economic recession and the effect on consumer spending.
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By GlobalDataTotal operating expenses were $167.9m for the quarter compared with $150.3m for the comparable fiscal 2008 quarter. The growth was due in part to eleven stores that were opened or remodelled in the past nine months.
