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Ingles Markets, Incorporated Announces Increased Sales And Net Income For Third Quarter And Nine Months Of Fiscal 2011

Stocks in this article: IMKTA

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and nine month periods ended June 25, 2011, compared with the same periods of the previous year. Third quarter net sales rose 6.4% to $911.0 million and net income increased 11.2% to $12.7 million compared with the prior year’s third quarter. For the first nine months of fiscal 2011, net sales rose 4.7% to $2.65 billion and net income increased 24.3% to $28.1 million compared with the first nine months of fiscal 2010.

Robert P. Ingle II, chief executive officer, stated, “Our daily focus is to provide value to our customers, increase sales and provide profits for our shareholders. The results for the third quarter reflect success in those areas in spite of economic and competitive challenges.”

Third Quarter Results

Net sales rose 6.4% to $911.0 million for the three months ended June 25, 2011, compared with $856.1 million for the three months ended June 26, 2010. The growth in sales benefited from higher same store sales, an increase in stores in operation, and growth in customer transactions and transaction amounts. Ingles operated 203 stores and 11.0 million retail square feet at the end of June 2011 compared with 202 stores and 10.8 million retail square feet at the end of June 2010. Excluding gasoline, where retail prices were significantly higher in the June 2011 quarter compared with the June 2010 quarter, grocery segment comparable store sales increased 2.0%. The number of customer transactions (excluding gasoline) increased 0.2%, while the comparable average transaction size increased 2.1% compared with the same quarter last year.

Gross profit for the June 2011 quarter increased 2.3%, to $201.3 million, an increase of $4.5 million compared with the third quarter of last fiscal year. The increase in gross profit dollars is attributable to increased sales. Gross profit, as a percentage of sales, was 22.1% for the June 2011 quarter compared with 23.0% for the June 2010 quarter. Excluding gasoline sales, grocery segment gross profit as a percentage of sales was level over the comparative three-month periods at 25.9% for the three months ended June 25, 2011, compared with 26.0% for the same quarter of last fiscal year.

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