Feb 15, 2005 9:04 AM, from staff and wire reports

Ingles Markets Inc reported net income of $28.8 million for the fiscal year ended Sept 25, 2004, the highest net income in its 41-year history and a 69% gain over its net income of $17.0 million for fiscal 2003.

The Asheville NC-based supermarket chain’s net income for the fourth quarter of fiscal 2004 was $10.8 million, a 27% increase over net income of $8.5 million for the 2003 fiscal year fourth quarter.

Fiscal 2004 was the 40th consecutive year Ingles achieved an increase in net sales and the first year the company has exceeded $2 billion in annual sales. Net sales rose 7.3% for fiscal year 2004 over fiscal year 2003 and 8.3% for the fourth fiscal quarter over the prior-year fiscal quarter.