retail news in context, analysis with attitude

• Ingles Markets said that annual sales for the just-completed fiscal year were up 13.6 percent to $3.24 billion, on same-store sales that were up 13.5 percent including gasoline sales, and eight percent excluding gasoline. Annual net income totaled $52.1 million compared with $58.6 million for fiscal 2007.

Ingles’ Q4 sales totaled $842.8 million, a 13.0 percent increase compared to the same period a year ago, on same-store sales that were up 13 percent including gasoline sales and up 7.8 percent excluding fuel sales. Fourth quarter net income totaled $10.5 million, compared with $14.2 million for the fourth quarter of fiscal 2007.

• Tesco PLC reported yesterday that its third quarter sales were up 11.7 percent, with international sales up 28.1 percent, compared to the same period a year ago.

UK same-store sales for Tesco were up two percent.

Tesco said that it will respond to the global economic slowdown by reducing its capital expenditures during the upcoming year from the equivalent of $6.6 billion (US) to $5.9 billion (US).
KC's View: