Ingles Markets records another double-digit sales rise in the second quarter
Ingles Markets maintained its sales momentum for fiscal 2022 with a double-digit increase in net sales in the second quarter.
For the quarter ended March 26, net sales climbed 16.3% to $1.38 billion from $1.18 billion a year earlier, Asheville, North Carolina-based Ingles said Thursday. . Same-store sales results were not immediately available.
The second quarter increase follows a 16.9% increase in net sales in the first quarter and came on top of a 3.4% increase in 2021 second quarterwhich in turn relies on a Gain of 14% compared to the previous year.
On the earnings side, net income for the second quarter of fiscal 2022 increased to $68.6 million from $52.2 million in the quarter of 2021. Basic and diluted earnings per share for common stock of class A was $3.70 and $3.61, respectively, compared to $2.65 and $2.58 in the prior year period. For Class B common stock, basic and diluted EPS was $3.36, compared to $2.41 a year ago.
“We are pleased with our strong results thanks to the dedication and hard work of our associates,” Ingles Markets Chairman Robert Ingle said in a statement. “We continue to work hard to provide affordable products and selection to our customers during these challenging times.”
In the first half of fiscal 2022, net sales totaled $2.77 billion, up 16.6% from $2.37 billion in the first half of 2021. Net income for the six month was $134.8 million, or $7.26 per Class A share ($7.10 diluted), compared to $106 million, or $5.38 per Class A share ($5.24 diluted ) one year earlier. Net earnings per Class B common share were $6.60 (basic and diluted) for the six months of 2022 compared to $4.89 (basic and diluted) for the prior year period.
Gross margin increased by 12.3% to $348.6 million (25.3% of sales) in the second quarter of 2022 and by 11.9% to $699.1 million (25.3% of sales) in the first semester.
Ingles Markets reported $34.1 million in capital expenditures for the first half of 2022, compared to $69.4 million in 2021. The regional grocer ended the 2022 half with 198 supermarkets in six states, as there are a year. Its retail network includes 74 stores in North Carolina, 66 in Georgia, 35 in South Carolina, 21 in Tennessee and one each in Virginia and Alabama. The food and pharmaceutical retailer also currently operates 111 in-store pharmacies and 107 gas stations.