Q4 net income rises for Ingles Markets

ASHEVILLE, N.C. — A regional supermarket chain reported a 3.1% rise in its net sales for the fourth quarter.

Ingles Markets said its net sales rose to $856 million for the quarter ended Sept. 25, from $830.1 million in the same period last year. Basic and diluted earnings per share were 35 cents and 34 cents per share, respectively, compared with 23 cents and 22 cents per share last year.

Similarly, comparable-store sales, excluding gasoline, rose 1.8% in the fourth quarter for fiscal year 2010.

For its gross profit, Ingles Markets realized a $10.1 million increase, compared with the year-ago period.