Ingles Markets garners strong sales for Q4

It was a solid fourth quarter for Ingles Markets, with net sales climbing 8.2% during the period, the regional grocer reported last week. 

Ingles reported net sales totaled $1.45 billion for the quarter ending Sept. 24, compared with $1.34 billion during the same period a year ago. 

The Asheville, North Carolina-based retailer, which operates 198 Ingles supermarkets in the Southeast, said its fiscal fourth quarter’s same-store sales, excluding gasoline sales, rose 5.2% over the comparative fiscal quarter.

"Ingles delivered strong results as we continue our focus on fresh, affordable offerings to our customers. We would like to thank all our dedicated associates for maintaining outstanding shopper conditions and providing value to our customers," said Robert P. Ingle II, chairman of the board, in a statement.

Gross profit for the fourth quarter totaled $364.8 million, or 25.1% of sales, Ingles reported. Last year, gross profit was $341.3 million, or 25.6% of sales. Net income took a slight dip, totaling $70.2 million during the fourth quarter, compared with $71.7 million during the year-ago period.

Basic and diluted earnings per share for Class A Common Stock were $3.78 and $3.69, compared with $3.86 and $3.78, for the quarter that ended Sept. 25, 2021. Basic and diluted earnings per share for Class B Common Stock were $3.43, whereas last year they were $3.51.

For its fiscal 2022, Ingles reported net sales totaling $5.68 billion compared with $4.99 billion for last year. Excluding gasoline sales, same-store sales increased 7.7% over the comparative fiscal year.

Capital expenditures for the fiscal year totaled $119.6 million, compared with $140.6 million last year

Ingles currently has the full amount available under its $150 million line of credit, the grocery retailer said in a statement. The company believes its financial resources, including the line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.