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Ingles Markets, Incorporated Reports 47th Year Of Record Sales, Plus Growth In Sales And Net Income For Fourth Quarter And Fiscal Year 2011

Stocks in this article: IMKTA

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported record fiscal 2011 sales of $3.56 billion, its 47 th consecutive year of sales growth. Fourth quarter sales rose 5.8% to $905.8 million and net income increased 33.1% to $11.0 million compared with the fourth quarter of fiscal 2010. Net income for fiscal year ended September 24, 2011 increased 26.6% to $39.1 million compared with $30.8 million in fiscal 2010 totals.

Grocery segment comparable store sales (excluding gasoline) increased 2.2% for the fourth quarter and 2.3% for the full 2011 fiscal year, respectively, over the fourth quarter of fiscal 2010 and for the full 2010 fiscal year amounts.

Commenting on the results, Robert P. Ingle II, chief executive officer, said, “We are proud of both increased sales and profits, reflecting a fitting tribute to the way my father built and ran this company. We have a great group of managers and associates that continue to drive excellent results.”

Fourth Quarter Results

Net sales rose 5.8% to $905.8 million for the quarter ended September 24, 2011, compared with $856.0 million for the comparable quarter in fiscal 2010. Grocery segment comparable store sales, excluding gasoline sales, rose 2.2% compared with the fourth quarter of fiscal 2010. The growth in comparable store sales benefited from increases in average weekly customer visits and in the average purchase amount compared with the fourth quarter of fiscal 2010. Total and comparable store sales comparisons are affected by retail gasoline prices, which were approximately 37% higher during the fourth fiscal quarter of 2011 compared with the prior year.

Gross profit for the fourth quarter of fiscal 2011 totaled $202.4 million, an increase of $7.5 million compared with the fourth quarter of fiscal 2010. Gross profit as a percentage of sales was 22.4% for the fourth quarter of fiscal 2011 compared with 22.8% for the fourth quarter of fiscal 2010. Grocery segment gross margins, excluding gasoline, increased to 26.0% for the current-year quarter from 25.7% for the fourth quarter of fiscal 2010.

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