Ingles Markets Inc. reported better first-quarter earnings due to increased gas sales and more customer transactions.

The company reported net income of $22.2 million, or $1.09 per share, down from net income of $45.1 million, or $2.23 per share in the same quarter a year ago.

The December 2017 quarter included a reduction in non-cash deferred tax expense from changes to federal income tax law, resulting in higher net income for the December 2017 quarter compared with the current quarter.

Excluding the $26.7 million tax benefit in the first quarter last year, the quarterly earnings rose.

The Asheville-based supermarket chain reported net sales of $1.06 billion in the first quarter, up $48.1 million, or 4.7 percent, from its quarterly earnings a year ago.

“We had a successful first quarter and holiday season due to the dedication and hard work from all our associates,” said Chairman Robert P. Ingle II in a statement. “We also made significant investments in our company that will benefit many future periods.”

The company’s shares closed Friday at $29.78, down $1.09, or 3.5 percent.

As of the quarter’s end, Ingles operated approximately 200 supermarkets in Alabama, Georgia, North Carolina, South Carolina, Tennessee and Virginia, the same from last year.

The filing can be found here.