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ASHEVILLE, N.C. - Ingles Markets Incorporated on Monday announced a rise in earnings for the third quarter ended June 29, 2002, but reported that net income declined about 40 percent to $3.6 million.
Income from operations increased 10.0 percent to $19.0 million for the June 2002 quarter compared with $17.3 million for the June 2001 quarter, due primarily to improved gross profit margin and a decline in operating expenses, the company said.
Gross profit as a percentage of sales increased to 26.8 percent of sales this quarter compared with 26.5 percent of sales for the June 2001 quarter. Operating and administrative expenses declined 1.1 percent to 23.4 percent of sales compared with 23.5 percent of sales last year, due primarily to the implementation of new labor standards, the company said.
Comparable store sales increased 0.3 percent, while net sales declined 0.4 percent to $483.0 million compared with $484.7 million for the June 2001 quarter. The decrease in net sales resulted primarily from the closing of older stores and the effect of the timing of the Easter holiday, the company said.