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Ingles Comps Rise in Q4
Trips and basket up but competition pressures profits. Ingles Markets’ comparable store sales in its fiscal fourth quarter increased by a robust 3.6% behind increases in store traffic and higher average ticket, and aided by incremental sales triggered by hurricanes affecting its Southeast markets.
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Ingles Markets’ comparable store sales in its fiscal fourth quarter increased by a robust 3.6% behind increases in store traffic and higher average ticket, and aided by incremental sales triggered by hurricanes affecting its Southeast markets.
For the 14-week quarter ended Sept. 30, sales of $1.1 billion increased by 13.2% from the 13-week fourth quarter of 2016. Gross profit as a percentage of sales was down 40 basis points to 24% as competitive pressure increased and offset a favorable sales mix change, the company said.
For the 53-week fiscal year, Ingles posted $4 billion in sales, compared with $3.8 billion in fiscal 2016. Comparable store sales increased 1.5% over fiscal 2016, excluding gasoline, and adjusted to reflect the same number of weeks in each fiscal year. The number of transactions and the average transaction size were both higher in fiscal 2017.
Net income for fiscal 2017 totaled $53.9 million, down slightly from $54.2 million in fiscal 2016.
“Our Company achieved strong results due to the hard work and dedication of our associates. We will continue to bring our customers products they desire and flawless service in our stores,” Chairman Robert Ingle II said in a statement.
Asheville, N.C.-based Ingles operates 199 stores in the Southeast.
