Ingles Markets sales drop slightly in Q3

Ingles Markets, Incorporated reported results for the three and nine months ended June 24.

Robert Ingle II, chairman of the Board, stated, “It is our goal to provide the best customer experience with fresh quality products at affordable prices. We appreciate our customers and associates for their continued dedication and loyalty.”

Net sales totaled $1.43 billion for the quarter ended June 24, compared with $1.46 billion for the quarter ended June 25, 2022.

Gross profit for the third quarter of fiscal 2023 totaled $338.1 million, or 23.6% of sales. Gross profit for the third quarter of fiscal 2022 was $351.9 million, or 24.1% of sales.

Operating and administrative expenses for the third quarter of fiscal 2023 totaled $270.9 million compared with $257.3 million for the third quarter of fiscal 2022.

Interest expenses totaled $5.4 million for the third quarter of fiscal 2023, as compared with $5.3 million for the third quarter of fiscal 2022.

Net income totaled $48.3 million for the third quarter of fiscal 2023, as compared with $67.8 million for the third quarter of fiscal 2022. 

Net sales totaled $4.31 billion for the nine months ended June 24, as compared with $4.23 billion for the nine months ended June 25, 2022.

Gross profit for the nine months ended June 24, totaled $1.04 billion, or 24.0% of sales. Gross profit for the nine months ended June 25, 2022, totaled $1.05 billion, or 24.9% of sales.

Operating and administrative expenses totaled $816.0 million for the nine months ended June 24, as compared to $772.2 million for the nine months ended June 25, 2022.

Net income totaled $158.2 million for the nine-month period ended June 24, compared with $202.6 million for the nine-month period ended June 25, 2022. 

Capital expenditures for the June 2023 nine-month period totaled $137.1 million, compared with $73.2 million for the June 2022 nine-month period. Capital expenditures for the entire fiscal year 2023 are expected to be approximately $170 million to $190 million.