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Ingles Markets, Incorporated Reports Increased Sales And Net Income For Second Quarter And First Half Of Fiscal 2011

Stocks in this article: IMKTA

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and six months ended March 26, 2011. Second quarter net sales rose 4.0% to $870.4 million and net income increased 38.0% to $7.7 million compared with the prior year’s second quarter. For the first six months of fiscal 2011, net sales rose 3.9% to $1.74 billion and net income increased 32.4% to $15.4 million compared with the first six months of fiscal 2010.

Robert P. Ingle II, chief executive officer, stated, “Our record results for the second quarter are a testament to the legacy of Robert Ingle, the Company’s founder, who passed during this quarter. He always emphasized increased sales and would have been proud of these results. Our entire management team remains committed to his focus on growing our business and providing top service to our customers.”

Second Quarter Results

Net sales increased by $33.4 million to $870.4 million for the three months ended March 26, 2011, from $837.0 million for the three months ended March 27, 2010. Ingles operated 203 stores at March 26, 2011, compared to 202 stores at March 27, 2010. Excluding gasoline, where retail prices were significantly higher than in the March 2010 quarter, total sales increased 2.4% and grocery segment comparable store sales increased 1.9% compared with the second quarter of the prior fiscal year. The number of customer transactions (excluding gasoline) increased 0.8%, while the comparable average transaction size increased 1.5% compared with the same quarter last year.

Gross profit for the March 2011 quarter increased 4.7% to $194.6 million, an increase of $8.8 million compared with the second quarter of last fiscal year. Gross profit, as a percentage of sales, rose to 22.4% for the March 2011 quarter compared with 22.2% for the March 2010 quarter. Excluding gasoline sales, grocery segment gross profit as a percentage of sales increased to 26.0% for the three months ended March 26, 2011, compared with 25.5% for the same quarter of last fiscal year.

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