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Ingles Markets tallies another double-digit sales gain in Q2
Southern grocer’s net sales up nearly 20% on two-year stack
Russell Redman
May 5, 2022
2 Min Read
Net sales at Ingles rose 16.3% in the 2022 second quarter, building on a 3.4% uptick a year earlier for two-year growth of 19.7%.Ingles Markets
Ingles Markets kept up its fiscal 2022 sales momentum with a double-digit net sales increase in the second quarter.
For the quarter ended March 26, net sales climbed 16.3% to $1.38 billion from $1.18 billion a year earlier, Asheville, N.C.-based Ingles said Thursday. Comparable-store sales results weren’t immediately available.
The second-quarter increase followed a 16.9% net sales surge in the first quarter and came atop a 3.4% uptick in the 2021 second quarter, which in turn built on a 14% gain in the prior-year period.
On the earnings side, fiscal 2022 second-quarter net income rose to $68.6 million from $52.2 million in the 2021 quarter. Basic and diluted earnings per share for Class A common stock were $3.70 and $3.61, respectively, versus $2.65 and $2.58 in the prior-year period. For Class B common stock, basic and diluted EPS were $3.36, up from $2.41 a year ago.
“We are pleased with our strong results due to the dedication and hard work from our associates,” Ingles Markets Chairman Robert Ingle said in a statement. “We continue to work hard to provide affordable products and selection to our customers during these challenging times.”
In the fiscal 2022 first half, net sales totaled $2.77 billion, up 16.6% from $2.37 billion in the 2021 first half. Net income for the six-month period were $134.8 million, or $7.26 per Class A share ($7.10 diluted), compared with $106 million, or $5.38 per Class A share ($5.24 diluted) a year earlier. Net earnings per Class B common share were $6.60 (basic and diluted) for the 2022 half versus $4.89 (basic and diluted) in the year-ago period.
Gross profit increased by 12.3% to $348.6 million (25.3% of sales) in the 2022 second quarter and by 11.9% to $699.1 million (25.3% of sales) in the first half.
Ingles Markets reported $34.1 million in capital expenditures for the 2022 first half, compared with $69.4 million in the 2021. The regional grocer closed out the 2022 half with 198 supermarkets in six states, the same as a year ago. Its retail network includes 74 stores in North Carolina, 66 in Georgia, 35 in South Carolina, 21 in Tennessee, and one apiece in Virginia and Alabama. The food and drug retailer also currently operates 111 in-store pharmacies and 107 fuel centers.
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