Asheville, N.C. Ingles Markets said Friday its first-quarter profit fell 46% even as sales rose because prices dropped on certain products, including gas.
The company earned $6 million in the three-month period ending Dec. 26, down from $11.1 million a year ago.
Revenue rose 4.5% to almost $841 million, from $804.9 million a year ago. Same-store sales rose 3.4%.
The company said its profit in the grocery segment was hurt by lower margins on gasoline and price deflation on certain products.