Ingles Market Q1 Sales Rise

First quarter sales at Ingles Markets were up more than 7% as the grocer also reported a rise in net income for the three months ended Dec. 24, 2022. 

Total sales were $1.49 billion, an increase of 7.3% over sales of $1.39 billion in the comparable quarter the previous year. 

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.

“Ingles had strong performance results for the quarter,” said Robert P. Ingle II, chairman of the board. “We are thankful for our customers and our associates as we continue to focus on fresh and affordable food offerings.”

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. Officials with Ingles Markets believe 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.