Last updated on February 6th, 2017 at 11:35 am
Ingles Markets on Thursday reported higher sales and net income for the three months ended Dec. 24, 2016, compared with the same three months in the prior year. Total sales rose 3.3 percent over the comparative quarters. Net income totaled $13.8 million for the company’s first quarter of fiscal 2017 vs. $13.0 million in the prior year.
Ingles Board Chairman Robert P. Ingle II said, “We are off to a good start this year with increased sales and net income and have planned improvements to our store base in 2017 that we believe our customers will appreciate.”
First quarter results
Net sales totaled $982.8 million for the quarter, compared with $951.1 million in the prior year, an increase of $31.7 million. Comparable store sales, excluding gasoline, increased 1.8 percent. Gasoline gallons sold and the average price per gallon both increased comparing the quarters, says the company. The number of customer transactions (excluding gasoline) increased 2.2 percent, while the comparable average transaction size (excluding gasoline) increased slightly compared with the same quarter last year.
Capital expenditures totaled $29.3 million for the December 2016 quarter, compared with $40.6 million in the prior year. The decrease was primarily attributable to the timing of larger development projects and sites purchased in the previous year for future store development, according to the grocery chain. During the 12 months ended December 2016, the company opened two new stores and closed one store that is currently being rebuilt. Total fiscal 2017 capital expenditures are expected to be between $100 million and $140 million.
Asheville, North Carolina-based Ingles operates 202 supermarkets in six southeastern states.
