Sponsored By

Sales climb at Ingles Markets during Q1

Net sales totaled $1.49 billion for the regional grocer, which operates nearly 200 stores in the southeast.

Heather Lalley, Managing editor

February 2, 2023

1 Min Read
Ingles Markets
Sales increased more than 7% at Ingles Markets during Q1. / Photo: Shutterstock

Southeastern grocer Ingles Markets on Thursday reported a more than 7% increase in net sales during its first fiscal quarter, though its profit margin took a slight dip.

For the quarter ended Dec. 24, Asheville, North Carolina-based Ingles reported net sales of $1.49 billion, up 7.3% from the year-ago period.

Gross profit for the first quarter of 2023 totaled $371.2 million, or 24.9% of sales. A year ago, Ingles’ gross profit was $350.5 million, or 25.2% of sales.

“Ingles had strong performance results for the quarter,” Board Chairman Robert P. Ingle II said in a statement. “We are thankful for our customers and our associates as we continue to focus on fresh and affordable food offerings.

Ingles significantly increased its capital expenditures during the quarter, spending $59.3 million during the period compared with $21.3 million during Q1 2022.

The grocer’s net income totaled $69.4 million during the quarter, up 4.7% from a year ago.

Ingles’ debt load decreased during Q1, down to $564.5 million versus $586.1 million during the same period last year.

Ingles, which was founded in 1963, operates nearly 200 supermarkets in six states. The company also operates neighborhood shopping centers, most of which contain an Ingles Market, as well as a dairy facility that supplies its grocery stores and other customers. The grocer self distributes to its stores from a distribution center near its headquarters. All of its stores are within 250 miles of that center.

 

Read more about:

Ingles

About the Author

Heather Lalley

Managing editor

Heather Lalley is the managing editor of Restaurant Business, Foodservice Director and CSP Daily news. She previously served as editor in chief of Winsight Grocery Business.

Before joining Winsight and Informa, Heather spent nearly a decade as a reporter for the daily newspaper in Spokane, Washington. She is the author of "The Chicago Homegrown Cookbook." She holds a journalism degree from Northwestern University and is a graduate of the two-year baking and pastry program at Washburne Culinary Institute in Chicago.

She is the mother of two and rarely passes up a chance to eat tater tots.

Stay up-to-date on the latest food retail news and trends
Subscribe to free eNewsletters from Supermarket News

You May Also Like