Ingles Market 1Q Profit More Than Doubles

Asheville, N.C., Ingles Market today said its first-quarter profit more than doubled, rising to $5.1 million, or 21? a share, from $2.4 million, or 10? a share, a year earlier. Gross profit increased 6.5% to comprise 25.4% of sales, vs. 25% the year before. Comp-store sales grew 4.7% for the quarter.

After failing to file its 2004 annual report and first-quarter report on time, the supermarket chain was warned that its stock could be de-listed from the Nasdaq Stock Market. Ingles must provide information related to an informal SEC inquiry, and also file all reports on time through Dec. 31, 2005, in order to maintain its Nasdaq listing.