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Total Sales Up Slightly, Net Income Down For Ingles’ Fiscal Year

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Last updated on January 9th, 2017 at 08:48 am

Asheville, North Carolina-based Ingles Markets, operating 201 stores in six states in the Southeast, reported fourth quarter and fiscal year results for the period ended Sept. 24.

In a news release Dec. 16, Ingles said total sales for fiscal 2016 were $3.79 billion vs. $3.78 billion in fiscal 2015. Net income for the year was $54.2 million, down from $59.4 million in 2015.

For the fourth quarter, total sales were $962.4 million vs. $952.8 million a year earlier. Net income for the 2016 quarter was $14.2 million vs. $16.2 million in 2015.

Fourth quarter net sales were $962.4 million, compared with $952.8 million for the comparable quarter in fiscal 2015. Comparable store sales, excluding gasoline, increased 1.6 percent.

Ingles logoAccording to Ingles, the higher net sales for both the quarter and the year were achieved despite significantly lower retail gasoline prices compared with the prior year periods. Gasoline prices were lower for both the fourth quarter and the year compared with the prior year.

CEO Robert P. Ingle II said, “During 2016 we worked very hard to improve our stores, resulting in positive customer response.”

Basic and diluted earnings per share for the company’s publicly traded Class A common stock were $2.75 and $2.68 per share, respectively, for the year ended Sept. 24, 2016, compared with $3.02 and $2.93 per share, respectively, for the year ended Sept. 26, 2015.

Capital expenditures for fiscal 2016 were $137.6 million vs. $104.1 million for fiscal 2015, respectively. In fiscal 2016, Ingles opened two new store buildings and closed one store that is being rebuilt and will reopen in the future. The company’s other store improvement capital projects in fiscal 2016 focused on improved merchandising, convenience and the range of products.

The company had a line of credit facility totaling $175.0 million with $165.6 million available (after deducting outstanding borrowings and letters of credit) as of Sept. 24.

Ingles Markets, in conjunction with its supermarket operations, operates neighborhood shopping centers, most of which contain an Ingles supermarket. The company also owns a fluid dairy facility that supplies company supermarkets and unaffiliated customers.

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