Ingles Markets on track for more growth
Ingles Markets' plan to expand its store base is on track after an impressive first quarter of sales growth.
The company reported higher sales and net income for the three months ended Dec. 30, compared with the prior year quarter. Same store sales, excluding gasoline, increased 2.2%. Total sales rose 3.2% over the comparative quarters. Net income totaled $45.1 million, compared with $13.8 million for the prior year quarter. The number of customer transactions (excluding gasoline) was stable, while the comparable average transaction size (excluding gasoline) increased compared with the same quarter last year.
“We are pleased with our sales during the important holiday season. We opened two new stores and will continue to invest capital, improve our store base, and bring the best to our loyal customers," said Robert P. Ingle II, Chairman of the Board.
Gross profit for the quarter rose to $244.7 million, or 24.1% of sales.
Ingles Markets is a supermarket chain in the southeastern United States. The company’s segments include retail grocery, fluid dairy operations and shopping center rentals.
The company operates 201 supermarkets in Georgia, North Carolina, South Carolina, Tennessee, Virginia and Alabama.