Milkco Inc history

Robert Ingle opened the first Ingles supermarket in Asheville, North Carolina in 1963.

Landy B. Laney had been an executive officer and director of Ingles since 1972.

Robert Ingle, founder and president ofIngles Supermarket,shown here in 1976

To support its expanded operations, Ingles Markets in 1978 built a new warehouse/distribution center in Asheville, North Carolina.

In December 1986 it sold 23 shopping centers to Atlanta's IRT Property Company for $50 million, although the book value on those properties was only $33 million.

In 1987, the Company became publicly traded on the Nasdaq Stock Markets's National Market under the symbol IMKTA.

In 1989, for example, it opened 17 new stores to reach a total of 156 in North and South Carolina, Georgia, Tennessee, and Virginia.

For example, it planned to open about 100 new stores in 1990, several times the number planned by Ingles.

Merchant Distributors, Inc. in November and December 1991 purchased 122,500 shares of Ingles Class A shares, giving it a total of 270,000 shares, 6.3 percent of all Class A stock.

In fiscal year 1992 Ingles's sales increased to $1.06 billion, but its net income dropped to $5.5 million, the lowest in several years.

In fiscal year 1994 Ingles opened its first store in the state of Alabama.

To deal with the challenge of growth, in 1995 Ingles created two new positions.