Ingles Markets reports Q4 net sales rise

Ingles Markets reported its fourth quarter earnings on Wednesday, with net sales at $1.58 billion for the quarter, up from $1.45 billion during the same period a year ago. 

The Asheville, North Carolina-based retailer, which operates 198 Ingles supermarkets in the Southeast, said its gross profit for the 14-week quarter ended Sept. 30 totaled $369.7 million, or 23.3% of sales. Gross profit for the fourth quarter of fiscal 2022 was $364.8 million, or 25.1% of sales.

"We are happy to report results for the quarter and year-end,” said Robert P. Ingle II, chairman of the board, in a statement. “We continue to thank our associates for the dedication and hard work they provide to serve our customers."

The regional supermarket, however, reported a decline on the earnings side for the quarter. Ingles posted 2023 fourth-quarter net income of $52.6 million compared with $70.2 million in the 2022 fourth quarter.

Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, compared with $3.78 and $3.69, for the quarter that ended Sept. 24, 2022. Basic and diluted earnings per share for Class B Common Stock were $2.57, whereas last year they were $3.43.

For its fiscal 2023, Ingles reported net sales totaling $5.89 billion compared with $5.68 billion for last year. Gross profit for the fiscal year totaled $1.40 billion, or 23.8% of sales compared with $1.42 billion, or 24.9% of sales for last year.

Total debt at the end of fiscal 2023 was lowered to $550.2 million compared with $571.9 million at the end of fiscal 2022. Capital expenditures for the fiscal year totaled $173.6 million, compared with $119.6 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.