Q3 Sales, Net Income Up at Ingles
Ingles Markets Inc. has posted higher sales and net income for the three and nine month periods ended June 25, compared with the year-ago periods. Third-quarter net sales grew 6.4 percent to $911.0 million and net income rose 11.2 percent to $12.7 million vs. last year. For the first nine months of fiscal 2011, net sales increased 4.7 percent to $2.65 billion and net income went up 24.3 percent to $28.1 million over the prior-year period.
“Our daily focus is to provide value to our customers, increase sales and provide profits for our shareholders,” noted Robert P. Ingle II, CEO of the Asheville, N.C.-based grocer, which operates 203 supermarkets in six Southeastern states. “The results for the third quarter reflect success in those areas in spite of economic and competitive challenges.”
The growth in third-quarter net sales benefited from higher same-store sales, an increase in stores in operation, and growth in customer transactions and transaction amounts, said Ingles, which operated one fewer location in the year-ago period. Excluding gasoline, where retail prices were significantly higher in the June 2011 quarter vs. the June 2010 quarter, grocery-segment comps rose 2.0 percent. The number of customer transactions (excluding gas) went up 0.2 percent, while the comparable average transaction size grew 2.1 percent from last year.
Excluding gas, where retail prices were significantly higher in the June 2011 nine-month period vs. the June 2010 nine-month period, grocery-segment comps rose 2.3 percent. The number of customer transactions (excluding gas) edged up 0.5 percent, while the comparable average transaction size grew 2.1 percent compared with the year-ago period.
During the nine-month period, Ingles completed one new store and five store remodels. Cap ex for the period came to $63.0 million and is expected to be about $100 million to $120 million for the full fiscal year, including expenditures for a new distribution facility and stores slated to open during fiscal 2012.