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Ingles Markets has solid Q2

Asheville, N.C. – Ingles Markets reported a large increase in net income and smaller increase in net sales during the second quarter of fiscal 2014 as compared to the same period in the previous fiscal year. Net income soared 29.2% to $105 million from $8.1 million, while net sales grew 2.9% to $947.8 million from $920.7 million.

Lower interest expense helped boost net income. Ingles said growth in sales was negatively affected by the Easter holiday, which benefited sales in the second quarter of the previous fiscal year but will not occur until the third quarter the current fiscal year. Same-store sales increased 2.5%.

“We are pleased with our sales and net income growth this quarter,” said Robert P. Ingle, CEO. “Our stores continue to focus on sales growth and that certainly made a difference this quarter.”