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05/05/2022

Ingles Markets Reports Higher Sales, Income

Retailer posts gains for the quarter and the first half of fiscal year
Lynn Petrak
Senior Editor
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Ingles
It's shaping up to be a positive year for Ingles, which reported higher sales and income at the 3- and 6-month mark of its fiscal 2022.

Sales and net income are up at Ingles Markets. Inc., which reported its second quarter results and recapped its performance for the first six months of the fiscal year.

The North Carolina grocer shared that its net income topped $68.6 million during the quarterly period ending March 26, a time that coincided with month-over-month overall inflation hikes in the U.S. That compares to the $52.2 million in Q2 income reported in 2021. Net sales hit the $1.38 billion mark during the most recent three-month time frame, a 16.3% bounce over the second quarter of 2021.

For the first half of the fiscal year, net sales reached $2.77 billion, a similar hike of 16.6% over the same period last year. Net income for the first six months of business totaled $134.8 million, up from $106 million in 2021.

Ingles also disclosed that its gross profits rose during both the second quarter and first six months of the year. At the same time, the gross profit percentage of sales was slightly lower in 2022 versus 2021, for both periods.

As for spending, Ingles reported that its capital expenditures for the first six months of FY2022 were $34.1 million, close to half of the $69.4 million in capital expenditures in the front half of 2021. In 2021, many of the expenditures were dedicated to new store openings. 

Robert P. Ingle II, chairman of the board, indicated that the company remains mindful of delivering value to consumers during this inflationary period while also striving to meet its fiscal objectives. “We are pleased with our strong results due to the dedication and hard work from our associates. We continue to work hard to provide affordable products and selection to our customers during these challenging times,” he commented.

Also during its second quarter, Ingles had a change in financial management. Pat Jackson was promoted from controller to CFO in February, replacing the retiring Ronald Freedman.

Operating 198 supermarkets in six southeastern states, Asheville, N.C.-based Ingles Markets is No. 52 on The PG 100, Progressive Grocer’s list of the top food and consumables retailers in North America.

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