Ingles Markets Q1 Profit Down - Quick Facts

(RTTNews) - Ingles Markets Inc. (IMKTA) said that its first-quarter net income dropped to $9.5 million from the prior year's $11.6 million. Earnings per share for the company's publicly traded Class A common stock was $0.42 per share, down from $0.48 per share in the same quarter last year.

Total operating expenses were $177.4 million for the first quarter of fiscal 2014 compared with $174.8 million for the comparable fiscal 2013 quarter.

Quarterly net sales increased to $945.1 million from $935.0 million last year. For the comparable December 2013 and 2012 quarters and excluding gasoline sales, grocery segment comparable store sales decreased 0.8%, weekly customer visits increased slightly and the average transaction amount decreased slightly.

Ingles' capital expenditure plans for fiscal year 2014 include investments of approximately $100 million to $140 million.