Ingles Posts FY 3Q, Nine-Month Results

Ingles

Ingles Markets has reported sales and net income for the three and nine months ended June 24.

The three-month period ended June 2017 benefitted from extra Easter sales, according to the Asheville, North Carolina-based grocery chain. Easter occurred in April 2017 and benefitted third quarter 2017 sales. Easter occurred in March 2016, in the company’s second fiscal 2016 quarter.

Board Chairman Robert P. Ingle II said, “We continue to improve our store base to offer more products and a great shopping experience to our customers. We have a number of projects in process that will contribute to our long-term performance.”

Third quarter results
Net sales increased by $27.2 million, or 2.8 percent, to $984.4 million for the three months ended June 24, from $957.2 million for the three months ended June 25, 2016. Sales increased in every retail product category and in non-retail operations, the grocer reports. Excluding gasoline sales and the effect of extra Easter sales in the current quarter, retail grocery comparable store sales increased 0.8 percent over the comparative fiscal third quarter. The number of customer transactions (excluding gasoline) was unchanged and the average transaction size (excluding gasoline) increased 2.0 percent.

Net income totaled $11.5 million for the three-month period ended June 24, compared with $12.7 million for the three-month period ended June 25, 2016. Basic and diluted earnings per share for Class A Common Stock were $0.58 and $0.57, respectively, for the quarter, compared with $0.64 and $0.63, respectively, for the quarter ended June 25, 2016. Basic and diluted earnings per share for Class B Common Stock were each $0.53 for the quarter, and $0.59 for the quarter ended June 25, 2016.

Nine-month results
Nine-month fiscal 2017 and 2016 sales totaled $2.91 billion and $2.83 billion, respectively. Ingles reports the sales increase was broad-based across retail product categories and non-retail operations. Retail grocery comparable store sales, excluding the effect of gasoline, increased 0.8 percent. The number of customer transactions and the average transaction size (both excluding gasoline) increased 0.8 percent and 0.5 percent, respectively.

Net income totaled $34.5 million for the nine-month period ended June 24, compared with $40.0 million for the nine-month period ended June 25, 2016. Basic and diluted earnings per share for Class A Common Stock were $1.75 and $1.70, respectively, for the nine months ended June 24, compared with $2.03 and $1.98, respectively, for the nine months ended June 25, 2016. Basic and diluted earnings per share for Class B Common Stock were each $1.59 for the nine months ended June 24, compared with $1.85 of basic and diluted earnings per share for the nine months ended June 25, 2016.

About The Author

A former newspaper editor and publisher who has handled digital duties for The Shelby Report since 2011. She once enjoyed leisurely perusing the grocery store aisles but, since having a baby in 2016, is now an enthusiastic click-and-collect shopper.

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