Retailers

Ingles Markets’ Net Sales Rise 12% in Q3

Reports increase in net income, operating and administrative expenses
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Ingles Markets reported an increase in sales and net income for its fiscal third quarter and nine months ending June 27.

The Asheville, N.C.-based grocer of 197 supermarkets saw net sales increase 12% to $1.19 billion in the third quarter vs. $1.06 billion during third-quarter 2019. Meanwhile, its net income nearly tripled, totaling $62.8 million for the three-month period ending June 27 vs. $23.5 million for third-quarter 2019.

Operating and administrative expenses for the quarter increased as well, from $216.5 million in third-quarter 2019 to $234.6 million during this year’s quarter. Ingles Market attributed the increase to higher personnel costs incurred to support additional safety measures related to the pandemic and a second appreciation bonus payment to full- and part-time associates.

“We are proud to provide service to our customers during such a disruptive time. This is made possible by the dedication of our associates, who continue to maintain store conditions at the highest level,” Robert P. Ingle II, chairman of the board, said in a release.

Gross profit for the third quarter totaled $324.7 million, or 27.3% of sales.

Nine Month Results

Net sales totaled $3.41 billion for the nine months ending June 27, an increase of 9.2% compared to $3.13 billion for the nine months ending June 29, 2019. And net income totaled $120.7 million vs. $60.7 million the year before.

Operating and administrative expenses also increased, totaling $685 million vs. $651.6 million the year before.

Gross profit for the nine months ending June 27, totaled $873.8 million, or 25.6% of sales.

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