Ingles Markets unveils Q1 results

ASHEVILLE, N.C. — Off to a strong start for fiscal year 2011, Ingles Markets on Monday reported a 3.8% rise in net sales for its first quarter ended Dec. 25, 2010.

Net income totaled $7.7 million for the quarter, a 28.3% jump from the year-ago period.

Comparable-store sales, the retailer noted, increased 2.9%, both including and excluding gasoline sales.

"We are off to a strong start for fiscal year 2011, with increased sales and profits for the quarter that included Thanksgiving and Christmas," said company CEO Robert Ingle. "Overall conditions are improving somewhat, but we continue to be cautious about the next few quarters."

In early-morning trading, the retailer's stock opened at $19.04, after closing at $18.79 on Friday.

Ingles Markets operates 203 supermarkets in six southeastern states.