This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ingles Markets, Incorporated Announces Third Quarter Sales And Earnings

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales for the three and nine month periods ended June 26, 2010, compared with the same periods of the previous year. Net income was higher for the current year three month period and level for the comparative nine month periods, influenced by improving operating performance and economic conditions thus far in fiscal year 2010 and by extra costs in fiscal year 2009 in conjunction with the Company’s financing transactions.

Robert P. Ingle, chief executive officer, stated, “We are pleased with our growth in sales and in customer visits to our stores. Our improved results highlight our goals of building sales and customer visits as drivers to deliver better results in an economic and competitive environment that still has significant challenges.”

Third Quarter Results

Net sales rose 3.5% to $856.1 million for the three months ended June 26, 2010, compared with $826.8 million for the three months ended June 27, 2009. Ingles operated 202 stores and 10.8 million retail square feet at the end of June 2010 compared with 201 stores and 10.7 million retail square feet at the end of June 2009. Excluding gasoline, where retail prices were significantly higher in the June 2010 quarter compared with the June 2009 quarter, grocery segment comparable store sales increased 0.8%. The number of customer transactions (excluding gasoline) increased 7.9%, while the comparable average transaction size decreased 7.0% compared with the same quarter last year. The trend in total and average transactions has followed this pattern for several recent quarters, and is indicative of the effect of economic recession on consumer spending that is characterized by more trips to the store and lower average purchases.

Gross profit for the June 2010 quarter increased 2.8%, to $196.9 million, an increase of $5.3 million compared with the third quarter of last fiscal year. Gross profit, as a percentage of sales, was 23.0% for the June 2010 quarter compared with 23.2% for the June 2009 quarter. The increase in gross profit dollars is attributable to increased sales. Excluding gasoline sales, grocery segment gross profit as a percentage of sales improved to 26.0% for the three months ended June 26, 2010, compared with 25.9% for the same quarter of last fiscal year. The Company is pleased with this margin stability in conjunction with its growth in sales and customer visits. Gross profit for the Company’s milk processing subsidiary was 11.9% of sales for the June 2010 quarter compared to 14.8% of sales for the June 2009 quarter. Raw milk prices were higher during the June 2010 quarter, which decreased gross profit as a percentage of sales, as relatively stable per-gallon milk profit margins were applied to the higher sales price. Competitive issues also served to keep gross margins lower for milk products in the most recent quarter.

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,946.30 +141.50 0.79%
S&P 500 2,077.40 +6.75 0.33%
NASDAQ 4,779.7030 +14.3230 0.30%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs