This Day On The Street
Continue to site
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

Ingles Markets, Incorporated Reports 48th Year Of Record Sales, Plus Growth In Sales And Net Income For Fourth Quarter And Fiscal Year 2012

Net income for the September 2012 quarter rose to $13.3 million, compared with net income of $11.0 million for the September 2011 quarter. Basic and diluted earnings per share for the Company’s publicly traded Class A common stock increased to $0.58 and $0.55 per share, respectively, for the September 2012 quarter, compared with $0.47 and $0.45 per share, respectively, for the September 2011 quarter.

Annual Results

Net sales totaled a record $3.71 billion for the fiscal year ended September 2012, an increase of $149.5 million, or 4.2%, from $3.56 billion for the fiscal year ended September 2011. Fiscal year 2012 was Ingles’ 48 th consecutive year of record sales. Comparing the 53 weeks of fiscal 2012 with the corresponding 53 calendar weeks of the previous year, grocery segment comparable store sales increased 1.9%, excluding gasoline sales where the retail per gallon price was approximately 5% higher. The number of customer transactions increased 1.5% and the average transaction size increased by $0.07, excluding gasoline sales.

Gross profit for the fiscal year ended September 29, 2012, increased $28.3 million, or 3.6%, to $820.1 million, or 22.1% of sales, compared with $791.9 million, or 22.2% of sales, for the fiscal year ended September 24, 2011.

The increase in grocery segment gross profit dollars was primarily due to the higher sales volume. Grocery segment gross profit as a percentage of total sales (excluding gasoline) was 25.9% and 25.8% for fiscal 2012 and 2011, respectively. The beneficial impact of a favorable change in sales mix and modest inflation was generally offset by competitive effects. The Company has responded to the current competitive environment by keeping prices as low as possible in order to grow sales and market share.

Operating expenses increased $20.5 million in fiscal 2012, compared with fiscal 2011, and were 18.8% of sales for fiscal 2012, compared with 19.0% of sales for fiscal 2011. Excluding gasoline sales and associated gasoline operating expenses (primarily payroll), operating expenses were 21.9% of sales for fiscal 2012, compared with 22.1% for fiscal 2011. As noted in the fourth quarter comments, payroll represented the largest cost increase, accounting for $15.2 million of the $20.5 million increase.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs