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Ingles Markets, Incorporated Reports Results For Second Quarter And First Half Of Fiscal 2012

Stocks in this article: IMKTA

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported its results for the three and six months ended March 24, 2012. Second quarter net sales rose $11.3 million to $881.7 million and net income totaled $6.5 million, compared with net income of $7.7 million for the prior year’s second quarter. For the first six months of fiscal 2012, net sales rose $56.8 million to $1.80 billion and net income increased 11.3% to $17.1 million, compared with the first six months of fiscal 2011.

Robert P. Ingle II, chief executive officer, stated, “We are pleased with our sales growth in the second quarter especially since last year’s second quarter included a lot of inclement weather that resulted in higher sales for the prior year. Our grocery margins were stable compared with last year; however, our profitability was affected by lower gasoline margins compared with last year.

“We remain committed to providing value to our customers by investing in improvements to our store base and our distribution system. Our new distribution center is scheduled to open next quarter, providing more long term benefits to our Company,” continued Mr. Ingle.

Second Quarter Results

Net sales increased by $11.3 million to $881.7 million for the three months ended March 24, 2012, from $870.4 million for the three months ended March 26, 2011. The growth in sales benefited from higher gasoline prices and more customer transactions compared with the second quarter of last year, and was offset partially by more favorable weather in 2012 than the prior year. Second quarter 2011 included a large number of snow days that resulted in customers spending more time at home for meals, including children on snow days who are eating at home rather than at school. Excluding gasoline, grocery segment comparable store sales were essentially flat (decreased 0.1%) compared with the second quarter of the prior fiscal year. The number of customer transactions (excluding gasoline) increased 0.7%, while the comparable average transaction size decreased 0.8% compared with the same quarter last year. Ingles operated 203 stores at March 24, 2012, and at March 26, 2011.

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