Ingles Markets Q3 Sales, Net Income Down

Third quarter revenue at Ingles Markets was down as the grocer also reported a decline in net income for the three-month period ended June 24. 

Net sales totaled $1.43 billion for the quarter, compared with $1.46 billion for the comparable quarter the previous year. Net income totaled $48.3 million for the third quarter of fiscal 2023, as compared with $67.8 million for the third quarter of fiscal 2022.

Net sales at Ingles for the first nine months of the company’s fiscal year were $4.31, up from sales of $4.23 billion for the nine months of the previous year. Net income totaled $158.2 million for the first nine-months of  2023, compared with net income of $202.6 for the first nine months of 2022.

"It is our goal to provide the best customer experience with fresh quality products at affordable prices," said Robert P. Ingle II, chairman of the Board. "We appreciate our customers and associates for their continued dedication and loyalty."