US supermarket chain Ingles markets has announced a rise in sales, but reduced profit for the second quarter ended 26 March 2005.
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Net sales were $557m, compared with $521m in the same period last year. Net income for the quarter was $5.5m compared with $7.2m a year earlier.
Net sales for the first half were $1.12bn, compared with $1.06bn in the first half of the previous year. Net income for the half was $10.5m, compared with $9.6m.
“Increased promotional efforts during the quarter and the effect of lower margins in the pharmacy and gasoline departments contributed to the change in gross profit as a percentage of sales,” the company said.
“We continue to be pleased with the success of our operations,” said CEO Robert P. Ingle. “Our sales growth remains strong despite a two store decrease in store count.”
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By GlobalData“We remain focused on keeping our stores modern and offering the products and conveniences our customers deserve,” he said. “We are particularly pleased with the growth in our perishables departments. Our sales growth continues to fuel a strong increase in earnings, year over year.”
