Ingles Markets Inc. (NASDAQ: IMKTA) reported Friday that the grocery store chain’s first quarter profit dropped 46 percent, citing dropped prices on certain products, including gas, according to Associated Press.
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The company earned $6 million, or 25 cents per Class A share, in the three-month period ending Dec. 26, down from $11.1 million, or 45 cents per share, a year ago.
Revenue rose 4.5 percent to almost $841 million, from $804.9 million a year ago.
Sales at grocery stores open at least a year rose 3.4 percent. Excluding gasoline sales, the figure rose 0.8 percent.
The company said its profit in the grocery segment was hurt by lower margins on gasoline and price drops on certain products.
The company opened one new store and remodeled one in the quarter. Ingles said it is being more cautious with its plans in 2010 until the economy improves. It plans to invest between $120 million and $150 million on capital expenditures this fiscal year, and open seven new.
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