Sales Still Strong at Ingles
North Carolina-based Ingles Markets Inc. has reported increased sales and net income for the three months ended June 26. Specifically, the retailer indicated that net sales totaled $1.28 billion for third quarter, an increase of 7.4%, compared with $1.19 billion for the quarter ended June 27, 2020. Net income totaled $72.0 million, compared with $62.8 million for same period last year.
While supply challenges still remain due to the COVID-19 pandemic, Robert P. Ingle II, chairman of the board remains optimistic. "We continue to respond well to ongoing challenges with labor supply, as well as some disruptions to product availability and distribution,” he said. “We appreciate the hard work and dedication of our associates to maintain high levels of customer service in the face of these challenges."
Due to higher costs incurred to support increased sales, Ingles said that operating and administrative expenses for the latest quarter totaled $239.4 million, compared with $234.6 million for the June 2020 quarter.
Gross profit for the third quarter fiscal 2021 totaled $337.5 million, or 26.4% of sales. Gross profit for the June 2020 quarter was $324.7 million, or 27.3% of sales.
Basic and diluted earnings per share for Class A Common Stock were reported at $3.88 and $3.79, respectively, for the quarter. Basic and diluted earnings per share for Class B Common Stock were each $3.52.
The Southeastern grocery chain also reported on its nine-month results, indicating that net sales totaled $3.65 billion for the period ended June 26, an increase of 7.0% compared with $3.41 billion for the nine months ended June 27, 2020.
Gross profit for the nine months totaled $962.2 million, or 26.3% of sales. Gross profit for the nine months ended June 27, 2020, totaled $873.8 million, or 25.6% of sales. Also during the nine-month period, net income totaled $178.0 million, compared with $120.7 million for the nine-month period last year.
The company believes that its financial resources, including its $150 million 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.
Capital expenditures for the entire fiscal year are expected to be approximately $120 million to $140 million.
Operating more than 190 supermarkets in six southeastern states, Asheville, N.C.-based Ingles is No. 55 on The PG 100, Progressive Grocer’s list of the top food and consumables retailers in North America.
