This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Announces Increased Sales And Net Income For Third Quarter And Nine Months Of Fiscal 2012

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 23, 2012, compared with the same periods of the previous year. Third quarter 2012 net sales rose to $917.8 million, compared with $911.0 million for the previous year. Net income totaled $13.1 million for the third quarter of fiscal year 2012, compared with $12.7 million for the same period of last fiscal year. Included in last year’s quarterly net income was a $2.8 million pre-tax gain on a property disposal. If that gain is excluded, pre-tax income increased 18.2% for the comparative third quarters. For the first nine months of fiscal 2012, net sales rose 2.4% to $2.72 billion and net income increased 7.4% to $30.2 million compared with the first nine months of fiscal 2011.

Robert P. Ingle II, chief executive officer, stated, “We opened our new distribution center in June and we are pleased with the initial results. We are also pleased with our sales and profit growth for the third quarter and the first nine months of fiscal year 2012.”

Third Quarter Results

Net sales rose 0.7% to $917.8 million for the three months ended June 23, 2012, compared with $911.0 million for the three months ended June 25, 2011. Ingles operated 203 stores and 11.0 million retail square feet at the end of both June 2012 and June 2011. Excluding gasoline, where retail prices were approximately ten cents per gallon lower in the June 2012 quarter compared with the June 2011 quarter, grocery segment comparable store sales increased 2.1%.

Gross profit for the June 2012 quarter increased 2.3% to $205.9 million, an increase of $4.6 million compared with the third quarter of last fiscal year. The increase in gross profit dollars is attributable to increased sales and an increase in gross profit margin. Gross profit, as a percentage of sales, rose to 22.4% for the June 2012 quarter compared with 22.1% for the June 2011 quarter. Excluding gasoline sales, grocery segment gross profit as a percentage of sales was level over the comparative three-month periods at 26.1% for the three months ended June 23, 2012, compared with 26.0% for the same quarter of last fiscal year.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

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