Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported
increased sales and net income for the three months ended December
24, 2022.
Robert P. Ingle II, Chairman of the Board, stated, “Ingles had
strong performance results for the quarter. We are thankful for our
customers and our associates as we continue to focus on fresh and
affordable food offerings.”
First Quarter 2023
Results
Net sales totaled $1.49 billion for the quarter ended December
24, 2022, an increase of 7.3% compared with $1.39 billion for the
quarter ended December 25, 2021.
Gross profit for the first quarter of fiscal 2023 totaled $371.2
million, or 24.9% of sales. Gross profit for the first quarter of
fiscal 2022 was $350.5 million, or 25.2% of sales.
Operating and administrative expenses for the first quarter of
fiscal 2023 totaled $276.2 million compared with $260.1 million for
the first quarter of fiscal 2022.
Interest expense totaled $5.3 million for the first quarter of
fiscal 2023 compared with $5.4 million for the first quarter of
fiscal 2022. Total debt at the end of the first quarter of fiscal
2023 was $564.5 million compared with $586.1 million at the end of
the first quarter of fiscal 2022.
Net income totaled $69.4 million for the first quarter of fiscal
2023 compared with $66.2 million for the first quarter of fiscal
2022. Basic and diluted earnings per share for Class A Common Stock
were $3.73 and $3.65, respectively, for the quarter ended December
24, 2022, compared with $3.57 and $3.48, respectively, for the
quarter ended December 25, 2021.
Capital expenditures for the first quarter of fiscal 2023
totaled $59.3 million compared with $21.3 million for the first
quarter of fiscal 2022.
The Company has no outstanding borrowings 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.
About Ingles Markets,
Incorporated
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.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may address, among other
things, our expected financial and operational results and the
related assumptions underlying our expected results. These
forward-looking statements are distinguished by use of words such
as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “will,” “would” and
the negative of these terms, and similar references to future
periods. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to, among other things: business and economic
conditions generally in the Company’s operating area, including
inflation or deflation; shortages of labor, distribution capacity,
and some product outages as the economy recovers from the COVID-19
pandemic; inflation in food, labor and gasoline prices caused by
pressures related to the COVID-19 pandemic recovery; the Company’s
ability to successfully implement our expansion and operating
strategies; pricing pressures and other competitive factors,
including online-based procurement of products the Company sells;
sudden or significant changes in the availability of gasoline and
retail gasoline prices; the maturation of new and expanded stores;
general concerns about food safety; the Company’s ability to manage
technology and data security; the availability and terms of
financing; and increases in costs, including food, utilities, labor
and other goods and services significant to the Company’s
operations. Detailed information about these factors and additional
important factors can be found in the documents that the Company
files with the Securities and Exchange Commission, such as Form
10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only
as of the date the statements were made. The Company does not
undertake an obligation to update forward-looking information,
except to the extent required by applicable law.
INGLES MARKETS,
INCORPORATED
(Amounts in thousands except per
share data)
Unaudited Financial
Highlights
Condensed Consolidated
Statements of Income (Unaudited)
Quarter Ended
December 24,
December 25,
2022
2021
Net sales
$
1,493,314
$
1,391,530
Gross profit
371,155
350,544
Operating and administrative expenses
276,179
260,085
Gain (loss) from sale or disposal of
assets
780
(56
)
Income from operations
95,756
90,403
Other income, net
1,441
1,592
Interest expense
5,347
5,414
Pretax income
91,850
86,581
Income tax expense
22,479
20,392
Net income
$
69,371
$
66,189
Basic earnings per common share – Class
A
$
3.73
$
3.57
Diluted earnings per common share – Class
A
$
3.65
$
3.48
Basic earnings per common share – Class
B
$
3.40
$
3.24
Diluted earnings per common share – Class
B
$
3.40
$
3.24
Additional selected information:
Depreciation and amortization expense
$
29,106
$
29,297
Rent expense
$
2,589
$
2,632
Condensed Consolidated Balance
Sheets (Unaudited)
December 24,
September 24,
2022
2022
ASSETS
Cash and cash equivalents
$
255,581
$
267,199
Receivables-net
120,822
97,157
Inventories
464,827
457,946
Other current assets
17,342
15,830
Property and equipment-net
1,399,721
1,374,031
Other assets
87,010
83,348
TOTAL ASSETS
$
2,345,303
$
2,295,511
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt
$
17,529
$
17,621
Accounts payable, accrued expenses and
current portion of other long-term liabilities
304,349
316,157
Deferred income taxes
71,785
73,578
Long-term debt
546,941
554,287
Other long-term liabilities
79,948
74,274
Total Liabilities
1,020,552
1,035,917
Stockholders' equity
1,324,751
1,259,594
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,345,303
$
2,295,511
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230202005088/en/
Patricia E. Jackson, Chief Financial Officer
pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
Ingles Markets (NASDAQ:IMKTA)
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