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Ingles Markets, Incorporated Announces Financial Results For Third Quarter And Nine Months Of Fiscal 2013

Stocks in this article: IMKTA

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales for the three and nine month periods ended June 29, 2013, compared with the same periods of the previous year. Third quarter 2013 net sales rose to $931.9 million, compared with $917.8 million for the previous year. For the first nine months of fiscal 2013, net sales rose 2.4% to $2.78 billion.

In June 2013, the Company repaid $575 million of senior notes due 2017 priced at 9.5% and other borrowings with the proceeds of $700 million of senior notes due 2023 priced at 5.75%. Prepayment penalties and other costs associated with the repaid debt resulted in a $43.1 million charge to pretax earnings during the June 2013 quarter. Because of this charge, the net loss for the third quarter of fiscal 2013 totaled $14.4 million compared with net income of $13.1 million for the third quarter of fiscal 2012. For the nine months ended June 2013 and June 2012, net income totaled $5.2 million and $30.2 million, respectively. The decreased interest rate on the new senior notes is expected to provide the Company substantial interest savings in future years.

Robert P. Ingle II, Chief Executive Officer, stated, “We continued to grow sales and improve our store base during this most recent quarter. The refinancing we accomplished in June secured favorable financing for the Company for many years to come.”

Third Quarter Results

Net sales rose 1.5% to $931.9 million for the three months ended June 29, 2013, compared with $917.8 million for the three months ended June 23, 2012. Ingles operated 204 stores at June 29, 2013, and 203 stores at June 23, 2012. Retail square footage was approximately 11.1 million at June 29, 2013, and 11.0 million at June 23, 2012. Excluding gasoline and the effect of Easter sales in last year’s June quarter, grocery segment comparable store sales increased 1.4%. The number of customer transactions, average transaction size and gasoline gallons sold all were higher for the June 2013 quarter compared with the June 2012 quarter.

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