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
TheStreet Open House

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

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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,071.22 -41.93 -0.24%
S&P 500 1,977.80 -5.05 -0.25%
NASDAQ 4,505.8520 -6.3420 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • 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