Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported
increased sales for the three and nine months ended June 25,
2022.
Robert P. Ingle II, Chairman of the Board, stated, “We were able
to achieve strong results during the quarter, despite significant
inflationary pressures. We applaud the hard work and dedication of
our associates at all levels of our Company for helping us exceed
prior year-to-date performance.”
Third Quarter Results
Net sales totaled $1.46 billion for the quarter ended June 25,
2022, compared with $1.28 billion for the quarter ended June 26,
2021. Excluding gasoline sales, total grocery comparable store
sales increased 5.7% over the comparative fiscal quarter.
Gross profit for the June 2022 quarter totaled $351.9 million,
or 24.1% of sales. Gross profit for the June 2021 quarter was
$337.5 million, or 26.4% of sales.
Operating and administrative expenses for the June 2022 quarter
totaled $257.3 million compared with $239.4 million for the June
2021 quarter.
Interest expense totaled $5.3 million for the quarter ended June
25, 2022, compared with $5.5 million for the quarter ended June 26,
2021.
Net income totaled $67.8 million for the quarter ended June 25,
2022, compared with $72.0 million for the quarter ended June 26,
2021. Net income is down compared to prior year’s quarter due to
rising fuel and food costs, supply chain issues and competitive
labor market. Basic and diluted earnings per share for Class A
Common Stock were $3.65 and $3.57, respectively, for the quarter
ended June 25, 2022, compared with $3.88 and $3.79, respectively,
for the quarter ended June 26, 2021. Basic and diluted earnings per
share for Class B Common Stock were each $3.32 for the quarter
ended June 25, 2022, and $3.52 for the quarter ended June 26,
2021.
Nine Month Results
Net sales totaled $4.23 billion for the nine months ended June
25, 2022, compared with $3.65 billion for the nine months ended
June 26, 2021. Excluding gasoline sales, total grocery comparable
store sales increased 8.6% over the comparative nine-month
period.
Gross profit for the nine months ended June 25, 2022, totaled
$1.1 billion, or 24.9% of sales. Gross profit for the nine months
ended June 26, 2021, totaled $962.2 million, or 26.3% of sales.
Operating and administrative expenses totaled $772.2 million for
the nine months ended June 25, 2022, and $714.5 million for the
nine months ended June 26, 2021.
Interest expense decreased to $16.1 million for the nine-month
period ended June 25, 2022, compared with $18.1 million for the
nine-month period ended June 26, 2021.
Net income totaled $202.6 million for the nine-month period
ended June 25, 2022, compared with $178.0 million for the
nine-month period ended June 26, 2021. Basic and diluted earnings
per share for Class A Common Stock were $10.91 and $10.67,
respectively, for the nine months ended June 25, 2022, compared
with $9.22 and $8.98, respectively, for the nine months ended June
26, 2021. Basic and diluted earnings per share for Class B Common
Stock were each $9.92 for the nine months ended June 25, 2022,
compared with $8.38 of basic and diluted earnings per share for the
nine months ended June 26, 2021.
Capital expenditures for the June 2022 nine-month period totaled
$73.2 million, compared with $108.0 million for the June 2021
nine-month period. Capital expenditures for the entire fiscal year
are expected to be approximately $100 million to $120 million.
The Company currently has full availability under its $150.0
million line of credit. The Company believes its financial
resources, including the line of credit, will be sufficient to meet
planned capital expenditures, debt service and working capital
requirements for the foreseeable future.
Certain matters discussed in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements (other
than statements of historical facts) in this press release
regarding our prospects, plans, financial position, business
strategy and expected financial and operational results may
constitute forward-looking statements. Forward-looking statements
generally can be identified by the use of terminology such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “should,” “predict,” “project,” “potential,”
“continue” or the negatives of these terms or variations of them or
similar expressions. These statements are based on certain
assumptions that Ingles has made in light of its experience in its
industry as well as its perceptions of historical trends, current
conditions, expected future developments and other factors Ingles
believes are appropriate in these circumstances. 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 2021 Form 10-K and 2022 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
Condensed Consolidated
Statements of Income (Unaudited)
Three Months Ended
Nine Months Ended
June 25,
June 26,
June 25,
June 26,
2022
2021
2022
2021
Net sales
$
1,458,167
$
1,277,465
$
4,226,815
$
3,652,463
Gross profit
351,879
337,465
1,050,986
962,154
Operating and administrative expenses
257,343
239,410
772,167
714,459
Gain from sale or disposal of assets
27
2,530
1,236
3,645
Income from operations
94,563
100,585
280,055
251,340
Other income, net
1,209
678
4,144
2,016
Interest expense
5,286
5,529
16,125
18,125
Loss on early extinguishment of debt
----
1,083
----
1,083
Income tax expense
22,723
22,677
65,481
56,160
Net income
$
67,763
$
71,974
$
202,593
$
177,988
Basic earnings per common share – Class
A
$
3.65
$
3.88
$
10.91
$
9.22
Diluted earnings per common share – Class
A
$
3.57
$
3.79
$
10.67
$
8.98
Basic earnings per common share – Class
B
$
3.32
$
3.52
$
9.92
$
8.38
Diluted earnings per common share – Class
B
$
3.32
$
3.52
$
9.92
$
8.38
Additional selected information:
Depreciation and amortization expense
$
29,259
$
30,704
$
88,524
$
90,910
Rent expense
$
2,983
$
2,702
$
8,543
$
8,380
Condensed Consolidated Balance
Sheets (Unaudited)
June 25,
Sept. 25,
2022
2021
ASSETS
Cash and cash equivalents
$
126,048
$
70,313
Short term investments
115,210
5,000
Receivables-net
99,367
95,082
Inventories
418,570
389,953
Other current assets
19,907
15,092
Property and equipment-net
1,357,266
1,370,769
Other assets
79,028
72,135
TOTAL ASSETS
$
2,215,396
$
2,018,344
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt
$
17,620
$
17,601
Accounts payable, accrued expenses and
current portion of other long-term liabilities
301,806
288,497
Deferred income taxes
75,307
72,768
Long-term debt
557,560
571,913
Other long-term liabilities
74,272
84,306
Total Liabilities
1,026,565
1,035,085
Stockholders' equity
1,188,831
983,259
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,215,396
$
2,018,344
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005174/en/
Pat Jackson, CPA, Chief Financial Officer
pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
Ingles Markets (NASDAQ:IMKTA)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Ingles Markets (NASDAQ:IMKTA)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024