Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported
increased sales and net income for the three and twelve months
ended September 24, 2022.
Robert P. Ingle II, Chairman of the Board, stated, “Ingles
delivered strong results as we continue our focus on fresh,
affordable offerings to our customers. We would like to thank all
our dedicated associates for maintaining outstanding shopper
conditions and providing value to our customers.”
Fourth Quarter Results
Net sales totaled $1.45 billion for the quarter ended September
24, 2022, compared with $1.34 billion for the quarter ended
September 25, 2021. Excluding gasoline sales, comparable store
sales increased 5.2% over the comparative fiscal quarter.
Gross profit for the fourth quarter of fiscal 2022 totaled
$364.8 million, or 25.1% of sales. Gross profit for the fourth
quarter of fiscal 2021 was $341.3 million, or 25.6% of sales.
Operating and administrative expenses for the September 2022
quarter totaled $268.0 million compared with $248.9 million for the
September 2021 quarter.
Interest expense totaled $5.4 million for the fourth quarter of
fiscal 2022 compared with $6.2 million for the fourth quarter of
fiscal 2021. Total debt at the end of fiscal 2022 was $571.9
million compared with $589.5 million at the end of fiscal 2021.
Net income totaled $70.2 million for the September 2022 quarter
compared with $71.7 million for the September 2021 quarter. Basic
and diluted earnings per share for Class A Common Stock were $3.78
and $3.69, respectively, for the quarter ended September 24, 2022,
compared with $3.86 and $3.78, respectively, for the quarter ended
September 25, 2021. Basic and diluted earnings per share for Class
B Common Stock were each $3.43 for the quarter ended September 24,
2022, and $3.51 for the quarter ended September 25, 2021.
Annual Results
Net sales totaled $5.68 billion for the fiscal year ended
September 24, 2022, compared with $4.99 billion for the fiscal year
ended September 25, 2021. Excluding gasoline sales, comparable
store sales increased 7.7% over the comparative fiscal year.
Gross profit for the fiscal year ended September 24, 2022,
totaled $1.42 billion, or 24.9% of sales. Gross profit for the
fiscal year ended September 25, 2021, totaled $1.30 billion, or
26.1% of sales.
Operating and administrative expenses totaled $1.0 billion for
the fiscal year ended September 24, 2022, and $963.3 million for
the fiscal year ended September 25, 2021.
Interest expense was $21.5 million for the fiscal year ended
September 24, 2022, compared with $24.3 million for the fiscal year
ended September 25, 2021.
Net income totaled $272.8 million for the fiscal year ended
September 24, 2022, compared with $249.7 million for the fiscal
year ended September 25, 2021. Basic and diluted earnings per share
for Class A Common Stock were $14.69 and $14.36, respectively, for
the fiscal year ended September 24, 2022, compared with $13.06 and
$12.73, respectively, for the fiscal year ended September 25, 2021.
Basic and diluted earnings per share for Class B Common Stock were
each $13.35 for the fiscal year ended September 24, 2022, compared
with $11.87 of basic and diluted earnings per share for the fiscal
year ended September 25, 2021.
Capital expenditures for the September 2022 fiscal year totaled
$119.6 million compared with $140.6 million for the September 2021
fiscal year.
The Company currently has the full amount available under its
$150.0 million line of credit. The Company believes its financial
resources, including the line of credit and other internal and
anticipated external sources of funds, will be sufficient to meet
planned capital expenditures, debt service and working capital
requirements for the foreseeable future.
The comments in this press release contain certain
forward-looking statements. Ingles undertakes no obligation to
publicly release any revisions to any forward-looking statements
contained herein to reflect events or circumstances occurring after
the date hereof or to reflect the occurrence of unanticipated
events, except as required by law. Ingles’ actual results may
differ materially from those projected in forward-looking
statements made by, or on behalf of, Ingles. Factors that may
affect results include changes in business and economic conditions
generally in Ingles’ operating area, pricing pressures, increased
competitive efforts by others in Ingles’ marketing areas and the
availability of financing for capital improvements. A more detailed
discussion of these factors may be found in reports filed by the
Company with the Securities and Exchange Commission including its
2022 Form 10-K and Forms 10-Q.
Ingles Markets, Incorporated is a leading grocer with operations
in six southeastern states. Headquartered in Asheville, North
Carolina, the Company operates 198 supermarkets. In conjunction
with its supermarket operations, the Company operates neighborhood
shopping centers, most of which contain an Ingles supermarket. The
Company also owns a fluid dairy facility that supplies Ingles
supermarkets and unaffiliated customers. To learn more about Ingles
Markets visit ingles-markets.com.
INGLES MARKETS,
INCORPORATED
(Amounts in thousands except per
share data)
Unaudited Financial
Highlights
Consolidated Statements of
Income
Quarter Ended
Year Ended
Sept. 24,
Sept. 25,
Sept. 24,
Sept. 25,
2022
2021
2022
2021
Net sales
$
1,452,020
$
1,335,457
$
5,678,835
$
4,987,920
Gross profit
364,783
341,279
1,415,768
1,303,433
Operating and administrative expenses
268,027
248,872
1,040,194
963,331
Gain from sale or disposal of assets
122
6,311
1,358
9,956
Income from operations
96,878
98,718
376,932
350,058
Other income, net
1,701
956
5,846
2,971
Interest expense
5,383
6,207
21,508
24,332
Loss on early extinguishment of debt
--
--
--
1,083
Income tax expense
23,030
21,723
88,511
77,883
Net income
$
70,166
$
71,744
$
272,759
$
249,731
Basic earnings per common share – Class
A
$
3.78
$
3.86
$
14.69
$
13.06
Diluted earnings per common share – Class
A
$
3.69
$
3.78
$
14.36
$
12.73
Basic earnings per common share – Class
B
$
3.43
$
3.51
$
13.35
$
11.87
Diluted earnings per common share – Class
B
$
3.43
$
3.51
$
13.35
$
11.87
Additional selected information:
Depreciation and amortization expense
$
29,278
$
26,194
$
117,802
$
117,104
Rent expense
$
2,331
$
2,765
$
10,874
$
11,145
Consolidated Balance
Sheets
Sept. 24,
Sept. 25,
2022
2021
ASSETS
Cash and cash equivalents
$
267,199
$
70,313
Short term investments
--
5,000
Receivables-net
97,157
95,082
Inventories
457,946
389,953
Other current assets
15,830
15,092
Property and equipment-net
1,374,031
1,370,769
Other assets
83,348
72,135
TOTAL ASSETS
$
2,295,511
$
2,018,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt
$
17,621
$
17,601
Accounts payable, accrued expenses and
current portion of other long-term liabilities
316,157
288,497
Deferred income taxes
73,578
72,768
Long-term debt
554,287
571,913
Other long-term liabilities
74,274
84,306
Total Liabilities
1,035,917
1,035,085
Stockholders' equity
1,259,594
983,259
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,295,511
$
2,018,344
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version on businesswire.com: https://www.businesswire.com/news/home/20221123005108/en/
Ingles Markets, Inc. Pat Jackson, CPA, Chief Financial Officer
pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
Ingles Markets (NASDAQ:IMKTA)
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