Sales still strong at Ingles
North Carolina-based Ingles Markets Inc. reported increased sales and net income for the quarter ended June 26. Specifically, the retailer indicated that Net sales totaled $ 1.28 billion for the third quarter, an increase of 7.4%, compared to $ 1.19 billion for the quarter ended June 27, 2020. Net income totaled 72.0 million, compared to $ 62.8 million for the same period last year.
Although supply issues remain due to the COVID-19 pandemic, Robert P. Ingle II, Chairman of the Board remain optimistic. “We continue to respond well to ongoing challenges related to labor supply, as well as some disruptions in product availability and distribution,” he said. “We appreciate the hard work and dedication of our associates to maintain high levels of customer service in the face of these challenges.”
Due to higher costs incurred to support increased sales, Ingles said operating and administrative expenses for the most recent quarter were $ 239.4 million, compared to $ 234.6 million. for the June 2020 quarter.
Basic and diluted earnings per share for the Class A common shares were reported at $ 3.88 and $ 3.79, respectively, for the quarter. Basic and diluted earnings per share for the Class B common shares were each $ 3.52.
The South East grocery chain also reported on its nine-month results, showing that net sales totaled $ 3.65 billion for the period ended June 26, an increase of 7.0% from $ 3.41 billion for the nine months ended June 27, 2020.
Gross profit for the nine months totaled $ 962.2 million, or 26.3% of sales. Gross profit for the nine months ended June 27, 2020 totaled $ 873.8 million, or 25.6% of sales. Also in the nine-month period, net income totaled $ 178.0 million, compared to $ 120.7 million for the nine-month period last year.
The company estimates that its financial resources, including its $ 150 million line of credit and other anticipated internal and external sources of funds, will be sufficient to cover planned capital expenditures, debt service and financial needs. working capital for the foreseeable future.
Capital expenditures for the full year are expected to be in the range of approximately $ 120 million to $ 140 million.
Operating more than 190 supermarkets in six southeastern states, based in Asheville, NC English is # 55 on the PG 100, Progressive Grocer’s of major food and consumable retailers in North America.