ASHEVILLE, N.C. – Ingles Markets Inc. today reported financial results for the three-month and nine-month periods to June 24.
Net sales in its fiscal third quarter declined nearly 1% to $1.43 billion, the company said.
Net sales in the fiscal year to date were up about 1% to $4.3 billion.
Ingles Markets posted a gross profit of $338 million, or 23.6% of sales, in the third quarter, down from nearly $352 million, or 24.1% of sales, a year earlier.
Gross profit year-to-date is $1.04 billion, or 24% of sales, down slightly but roughly in line with the comparable nine-month period ended a year ago.
“It is our goal to provide the best customer experience with fresh quality products at affordable prices,” Robert Ingle II, chairman of Ingles Markets, said in a press release. “We appreciate our customers and associates for their continued dedication and loyalty.”
Net income totaled $48.3 million for the third quarter, compared to $67.8 million a year earlier. Basic and diluted per-share earnings for Class A common stock were $2.60 and $2.54, respectively, compared to the previous year’s $3.65 and $3.57, respectively.
Basic and diluted earnings per share for Class B common stock was $2.36 for each in the third quarter. That compares with $3.32 for the quarter ended June 25, 2022.
Capital expenditures for the nine-month period totaled $137.1 million, compared with $73.2 million comparable period a year earlier. Capital expenditures for the entire fiscal year 2023 are expected to be range between approximately $170 million and $190 million, the company said.
Ingles Markets said it has no outstanding borrowings under its $150 million line of credit. The company expects that its financial resources, including its line of credit and other internal and external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.
The company operates 198 supermarkets, as well as neighborhood shopping centers, most of which contain an Ingles supermarket. It also owns a fluid dairy facility that supplies its supermarkets as well as unaffiliated customers.
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