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Ingles Markets tallies another double-digit sales gain in Q2

Southern grocer’s net sales up nearly 20% on two-year stack

Russell Redman

May 5, 2022

2 Min Read
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Net sales at Ingles rose 16.3% in the 2022 second quarter, building on a 3.4% uptick a year earlier for two-year growth of 19.7%.Ingles Markets

Ingles Markets kept up its fiscal 2022 sales momentum with a double-digit net sales increase in the second quarter.

For the quarter ended March 26, net sales climbed 16.3% to $1.38 billion from $1.18 billion a year earlier, Asheville, N.C.-based Ingles said Thursday. Comparable-store sales results weren’t immediately available.

The second-quarter increase followed a 16.9% net sales surge in the first quarter and came atop a 3.4% uptick in the 2021 second quarter, which in turn built on a 14% gain in the prior-year period.

On the earnings side, fiscal 2022 second-quarter net income rose to $68.6 million from $52.2 million in the 2021 quarter. Basic and diluted earnings per share for Class A common stock were $3.70 and $3.61, respectively, versus $2.65 and $2.58 in the prior-year period. For Class B common stock, basic and diluted EPS were $3.36, up from $2.41 a year ago.

“We are pleased with our strong results due to the dedication and hard work from our associates,” Ingles Markets Chairman Robert Ingle said in a statement. “We continue to work hard to provide affordable products and selection to our customers during these challenging times.”

In the fiscal 2022 first half, net sales totaled $2.77 billion, up 16.6% from $2.37 billion  in the 2021 first half. Net income for the six-month period were $134.8 million, or $7.26 per Class A share ($7.10 diluted), compared with $106 million, or $5.38 per Class A share ($5.24 diluted) a year earlier. Net earnings per Class B common share were $6.60 (basic and diluted) for the 2022 half versus $4.89 (basic and diluted) in the year-ago period.

Related:Ingles Markets promotes Patricia Jackson to chief financial officer

Gross profit increased by 12.3% to $348.6 million (25.3% of sales) in the 2022 second quarter and by 11.9% to $699.1 million (25.3% of sales) in the first half.

Ingles Markets reported $34.1 million in capital expenditures for the 2022 first half, compared with $69.4 million in the 2021. The regional grocer closed out the 2022 half with 198 supermarkets in six states, the same as a year ago. Its retail network includes 74 stores in North Carolina, 66 in Georgia, 35 in South Carolina, 21 in Tennessee, and one apiece in Virginia and Alabama. The food and drug retailer also currently operates 111 in-store pharmacies and 107 fuel centers.

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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