Ingles Posts Higher Q1 Sales, Net Income
Regional food retailer Ingles Markets Inc. has posted increased sales and net income for the three months ended Dec. 24, 2022. Net sales came to $1.49 billion for the quarter, a 7.3% rise compared with $1.39 billion for the quarter ended Dec. 25, 2021. Net income was $69.4 million for the first quarter of fiscal 2023, versus $66.2 million for the year-ago period. Basic and diluted earnings per share for Class A Common Stock were $3.73 and $3.65, respectively, for Q1 fiscal 2023, compared with $3.57 and $3.48, respectively, for the prior year.
“Ingles had strong performance results for the quarter,” affirmed Chairman of the Board Robert P. Ingle II. “We are thankful for our customers and our associates as we continue to focus on fresh and affordable food offerings.”
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Gross profit for Q1 fiscal 2023 totaled $371.2 million, or 24.9% of sales, while gross profit for the year-ago period was $350.5 million, or 25.2% of sales. Additionally, Ingles was able to reduce its total debt at the end of Q1 fiscal 2023 to $564.5 million, versus $586.1 million at the end of Q1 fiscal 2022.
Ingles also significantly stepped up its capital expenditures, reporting cap ex for Q1 fiscal 2023 of $59.3 million, compared with last year’s $21.3 million. The company said that “its financial resources, including [its] line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.”
Operating 198 supermarkets in six southeastern states, as well as a fluid-dairy facility that supplies its supermarkets and unaffiliated customers, Asheville, N.C.-based Ingles is No. 58 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America.
