Ingles Makes Sales Gains as Pandemic Rages
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.
Operating 197 supermarkets in six southeastern states, Ingles is No. 52 on The PG 100, Progressive Grocer's list of the top food and consumables retailers in North America.
