Ingles Markets Q2 Sales Hold Steady

Second quarter net sales at Ingles Market were flat year-over-year as net income and earnings per share were down.

For the three month period ended March 25, net sales were $1.381 billion, compared to net sales of $1.377 billion for the comparable quarter the previous year. Net income totaled $40.5 million for the second quarter of fiscal 2023, as compared with $68.6 million for the second quarter of fiscal 2022. 

Basic and diluted earnings per share for Class A Common Stock in the quarter were $2.18 and $2.13, respectively, as compared with $3.70 and $3.61, respectively, for the second quarter the previous year.

First half fiscal 2023 net sales totaled $2.87 billion, an increase of 3.8% compared with $2.77 billion in the first half of fiscal 2022.

Net income totaled $109.9 million for the first six months of the current fiscal year, as compared with $134.8 million for the six-month period ended March 26, 2022. Basic and diluted earnings per share for Class A Common Stock were $5.92 and $5.79, respectively, for the first half, as compared to $7.26 and $7.10, respectively, for the first six months of 2022.

The company said it currently has no outstanding borrowings under its $150 million line of credit. Officials with Ingles Market believe its financial resources, including its line of credit and other internal and external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.