Grocery-store chain Ingles Markets Inc. on Tuesday said fiscal second-quarter profit fell 4 percent as a higher income tax expense offset rising sales.
Profit for the quarter ended March 29 fell 4 percent to $13 million, or 53 cents per Class A share, from $13.5 million or 55 cents per Class A share last year.
Revenue rose 15 percent to $782.8 million from $681.2 million last year.
Grocery same-store sales, or sales in stores open at least one year, rose 15 percent. Excluding the benefit of an earlier Easter, same-store sales rose 8.4 percent.
Total gasoline gallons sold grew 19 percent, while the average price per gas gallon rose 85 cents, compared to the same period last year.
Customers transactions rose 10 percent, and the average transaction amount was nearly flat.
Operating expenses rose 11 percent to $184.5 million, due to higher labor, energy and insurance expenses and depreciation and bank charges.
The company said the decline in net income was mainly due to a higher income tax expense due to a settlement last year of a tax position, which led to a reduced income tax expense in the year-ago quarter.
Terms & Conditions
RSS Headlines
Fool UK