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 Reports Increased Sales And Net Income For First Quarter 2011

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported an overall increase in sales of 3.8% to $872.8 million for its first fiscal quarter ended December 25, 2010. For the December 2010 quarter, net income rose to $7.7 million compared with net income of $6.0 million for the quarter ended December 2009.

Commenting on the results, Robert P. Ingle, chief executive officer, said, “We are off to a strong start for fiscal year 2011 with increased sales and profits for the quarter that included Thanksgiving and Christmas. Overall conditions are improving somewhat, but we continue to be cautious about the next few quarters.”

Financial Results

Net sales rose 3.8% to $872.8 million for the quarter ended December 25, 2010, compared with $841.0 million for the quarter ended December 26, 2009. Grocery segment comparable store sales increased 2.9%, both with and excluding gasoline sales. Average transaction size increased while weekly customer visits were about level with the comparable December 2009 quarter.

Gross profit for the first quarter of fiscal 2011 rose 4.4% to $193.5 million, an increase of $8.2 million compared with the first quarter of fiscal 2010. Gross profit as a percentage of sales increased to 22.2% for the first quarter of fiscal 2011 compared with 22.0% for the first quarter of fiscal 2010. Grocery segment gross margins, excluding gasoline, also increased from 25.0% in the first quarter of fiscal 2010 to 25.2% for the current-year quarter. The improvement in gross margin benefitted from changes in sales mix and vendor participation in pricing promotions during the very competitive holiday season.

Sales and gross profit dollars in the Company’s fluid dairy operations increased due to higher milk prices and a modest volume increase for the first quarter of fiscal 2011 compared with the comparable fiscal 2010 quarter.

Total operating expenses were $167.3 million for the first quarter of fiscal 2011 compared with $160.6 million for the comparable fiscal 2010 quarter. Operating and administrative expenses as a percentage of sales, excluding gasoline sales and associated operating expenses, were essentially unchanged at 21.8% and 21.7% for the three months ended December 25, 2010 and December 26, 2009, respectively. The growth in operating expenses was comprised primarily of increases in depreciation, insurance, bank charges, utilities and payroll arising from stores opened or remodeled since the first quarter of last year.

1 of 4

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 17,620.65 +263.78 1.52%
S&P 500 2,038.86 +25.97 1.29%
NASDAQ 4,709.3320 +65.02 1.40%

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