Net income totaled $57.9 million for the quarter, up 177% year over year for the food retailer.
Ingles Markets posted a 11.3% year-over-year revenue gain for its fiscal fourth quarter ended Sept. 26, with net sales reaching $1.2 billion.
Gross profit for the fourth quarter of fiscal 2020 totaled $324.5 million, or 27.1% of sales. Gross profit for the fourth quarter of fiscal 2019 was $260.3 million, or 24.2% of sales.
Operating and administrative expenses for the Sept. 2020 quarter totaled $236.8 million compared with $222.2 million for the Sept. 2019 quarter. Most of the increase was due to higher personnel costs incurred to support additional safety measures related to the pandemic, including a third appreciation bonus payment to full- and part-time associates.
“We take seriously the safety of our customers and associates and continue to do our best to provide them a safe and clean environment,” said Robert P. Ingle II, chairman of the board for the food retailer.
Net income totaled $57.9 million for the quarter, up 177% year over year.
For fiscal 2020, Ingles reported that:
Net sales increased 7.9%, reaching $4.61 billion.
Gross profit for the fiscal year ended Sept. 26, 2020, totaled $1.20 billion, or 26.0% of sales. Gross profit for the fiscal year ended Sept. 28, 2019 totaled $1.02 billion, or 24.3% of sales.
Net income totaled $178.6 million for the fiscal year, up 120% year over year.