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Ingles Reports Results For Second Quarter, First Half Of Fiscal 2017

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Last updated on May 10th, 2017 at 10:47 am

Net sales totaled $1.93 billion and net income totaled $23.0 million for the six months ended March 25, compared with $1.88 billion and $27.3 million, respectively, for the six months ended March 26, 2016.

The prior year three- and six-month periods ended March 2016 benefitted from extra Easter sales. Easter occurred in March 2016 and benefitted second quarter 2016 sales. For 2017, Easter occurred in April and will benefit sales and earnings for the third quarter of this fiscal year, according to the Asheville, North Carolina-based supermarket chain. Milder winter weather in the current year also adversely impacted fiscal 2017 sales and earnings compared with fiscal 2016, the company says.

Board Chairman Robert P. Ingle II, said, “Our stores reported higher sales in the second quarter as we continued to deliver a great shopping experience to our customers. We expect our planned investments in new and existing stores to contribute to our long-term performance.”

Second quarter results

Net sales increased by $21.9 million, or 2.4 percent, to $946.2 million for the three months ended March 25, from $924.3 million for the three months ended March 26, 2016. Excluding gasoline sales and the effect of extra 2016 Easter sales, retail grocery comparable store sales were essentially level, decreasing 0.3 percent over the comparative fiscal second quarters. Higher gasoline sales (both in dollars and gallons) offset the negative comparable impact of Easter sales, the company reports. The number of customer transactions (excluding gasoline) increased 0.2 percent, while the comparable average transaction size (excluding gasoline) decreased 0.8 percent compared with the same quarter last year.

Net income totaled $9.2 million for the three-month period ended March 25, compared with $14.4 million for the three-month period ended March 26, 2016. Basic and diluted earnings per share for Class A Common Stock were $0.47 and $0.45, respectively, for the quarter ended March 25, compared with $0.73 and $0.71, respectively, for the quarter ended March 26, 2016. Basic and diluted earnings per share for Class B Common Stock were $0.42 for the quarter ended March 25, and $0.66 for the quarter ended March 26, 2016.

First half results

First half fiscal 2017 and 2016 sales totaled $1.93 billion and $1.88 billion, respectively. Retail comparable store sales, excluding the effect of gasoline and extra 2016 Easter sales increased 0.8 percent. The number of customer transactions (excluding gasoline) increased 1.2 percent, while the comparable average transaction size (excluding gasoline) decreased 0.2 percent compared with the first half of last fiscal year.

Net income totaled $23.0 million for the six-month period ended March 25, compared with $27.3 million for the six-month period ended March 26, 2016. Net income, as a percentage of sales, was 1.2 percent for the six months ended March 25, compared with 1.5 percent for the six months ended March 26, 2016. Basic and diluted earnings per share for Class A Common Stock were $1.17 and $1.13, respectively, for the six months ended March 25, compared to $1.39 and $1.35, respectively, for the six months ended March 26, 2016. Basic and diluted earnings per share for Class B Common Stock were each $1.06 for the six months ended March 25, compared with $1.26 of basic and diluted earnings per share for the six months ended March 26, 2016.

Capital expenditures for the March 2017 six-month period totaled $59.4 million, compared with $71.2 million for the March 2016 six-month period. The company says capital expenditures this year are focused on stores scheduled to open later this year as well as ongoing improvements to the existing store base. Capital expenditures for the entire fiscal year are expected to be approximately $100 million to $140 million.

Ingles operates 201 supermarkets across the Southeast.

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