Ingles Market Q4, Full Year Sales Rise

The regional grocer closes out its fiscal year with revenue gains as quarterly and full year net income slow.

11/28/2023

Ingles Market reported Q4 revenue gains.

Fourth quarter sales at Ingles Market were up year-over-year as the company also reported sales gains for its total fiscal year.

For the quarter ended September 30, net sales totaled $1.58 billion, compared with net sales of $1.45 billion for the quarter ended September 24, 2022. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022.

Net income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, compared with basic and diluted earnings per share$3.78 and $3.69, respectively, for the quarter in the previous year. Basic and diluted earnings per share for Class B Common Stock were each $2.57 in the quarter and $3.43 for the comparable quarter the previous year.

Net sales totaled $5.89 billion for the fiscal year ended September 30, compared with $5.68 billion for the previous fiscal year. Fiscal year ended September 30, 2023 had 53 weeks and fiscal year ended September 24, 2022 had 52 weeks.

Net income totaled $210.8 million for the fiscal year ended September 30, compared with $272.8 million for the prior fiscal year. Basic and diluted earnings per share for Class A Common Stock were $11.35 and $11.10, respectively, for the fiscal year ended September 30, compared with $14.69 and $14.36, respectively, for the prior fiscal year. Basic and diluted earnings per share for Class B Common Stock were each $10.32 for the fiscal year ended September 30, compared with $13.35 of basic and diluted earnings per share for the prior fiscal year.

Ingles Markets operates 198 supermarkets in six southeastern states. In conjunction with its supermarket operations, the company also 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.

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