Ingles Markets reports first-quarter sales increase
Asheville, N.C.-based Ingles Markets, a supermarket chain with about 200 operations in six Southeastern states, reported a 4.7 percent increase in sales for the fiscal first quarter ended Dec. 29, 2018, compared to the fiscal first quarter of 2017. Pretax income totaled $28.1 million for the quarter, 10.9 percent higher than the previous first quarter.
Net sales totaled $1.06 billion for the quarter compared with $1.01 billion for the quarter in 2017, an increase of $48.1 million. Comparable store sales, excluding gasoline, increased 3.9 percent.
Net income totaled $22.2 million for the quarter, compared with $45.1 million for the previous first quarter. The company recognized a $26.7 million deferred tax benefit for the previous first quarter, which it did not have in the latest first quarter.
Ingles offers its own brand Laura Lynn products, which the retailer says “are equal or superior to national brands.” Ingles’ private brand line was named after Laura Lynn Ingle, the daughter of Robert Ingle, who founded the chain.