Ingles Markets sees sales bump in Q4

Ingles Markets, Incorporated today reported results for the three and 12 months ended Sept. 30.

Robert Ingle II, chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.”

Fourth quarter results

Net sales totaled $1.58 billion for the quarter ended Sept. 30, compared with $1.45 billion for the quarter ended Sept. 24. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022.

Gross profit for the fourth quarter of fiscal 2023 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.

Operating and administrative expenses for the fourth quarter of fiscal 2023 totaled $299.4 million compared with $268 million for the fourth quarter of fiscal 2022.

Interest expense totaled $5.9 million for the fourth quarter of fiscal 2023 compared with $5.4 million for the fourth quarter of fiscal 2022. Total debt at the end of fiscal 2023 was $550.2 million compared with $571.9 million at the end of fiscal 2022.

Net income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, for the quarter ended Sept. 30, compared with $3.78 and $3.69, respectively, for the quarter ended Sept. 24. Basic and diluted earnings per share for Class B Common Stock were each $2.57 for the quarter ended Sept. 30 and $3.43 for the quarter ended Sept. 24.

Annual results

Net sales totaled $5.89 billion for the fiscal year ended Sept. 30, compared with $5.68 billion for the fiscal year ended Sept. 24, 2022. Fiscal year ended Sept. 30 had 53 weeks and fiscal year ended Sept. 24, 2022 had 52 weeks.

Gross profit for the fiscal year ended Sept. 30 totaled $1.40 billion, or 23.8% of sales. Gross profit for the fiscal year ended Sept. 24, 2022 totaled $1.42 billion, or 24.9% of sales.

Operating and administrative expenses totaled $1.1 billion for the fiscal year ended Sept. 30, and $1 billion for the fiscal year ended Sept. 24, 2022.

Interest expense was $22.1 million for the fiscal year ended Sept. 30, compared with $21.5 million for the fiscal year ended Sept. 24, 2022.

Net income totaled $210.8 million for the fiscal year ended Sept. 30, compared with $272.8 million for the fiscal year ended Sept. 24, 2022. Basic and diluted earnings per share for Class A Common Stock were $11.35 and $11.10, respectively, for the fiscal year ended Sept. 30, compared with $14.69 and $14.36, respectively, for the fiscal year ended Sept. 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $10.32 for the fiscal year ended Sept. 30, compared with $13.35 of basic and diluted earnings per share for the fiscal year ended Sept. 24, 2022.

Capital expenditures for the 2023 fiscal year totaled $173.6 million compared with $119.6 million for the 2022 fiscal year.