For the period, earnings decreased to $6.6 million, or27 cents per diluted share compared to $8.3 million,or 35 cents per diluted share, for the same periodlast year.
Specifically, rental income decreased $400,000 for theJune 2005 quarter, while expenses increased 5% to$12.2 million. The rental income change is due to thesale of a shopping center in September 2004 in whichIngles was not a tenant and the relocation of othertenants from shopping centers to stand alone sites.
The supermarket chain, which operates 195 stores inthe Southeast, says increased sales contributed to the increased expenses. Sales for the third quarter increased 5.4% to $566.7 million, and operating expenses for decreased as a percentage of sales to 21.6% compared to 21.9% for the same period last year.
Same-store sales grew 5.5% for the same period,although the chain says that the Easter holidayimpacted same-store sales. Excluding Easter, theIngles says same-store sales grew 6.2%.
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