Asheville, N.C.-based grocery chain Ingles Markets has shared its results from its third quarter, highlighted by a 5.7% increase in sales.
For the period ended June 25, 2022, net sales totaled $1.46 billion for the quarter compared with $1.28 billion for the same period last year. Gross profit for the June 2022 quarter totaled $351.9 million, or 24.1% of sales. Gross profit for the June 2021 quarter was $337.5 million, or 26.4% of sales.
Due to rising food and fuel costs, net income was down by nearly $5 million from Q3 2021 to the latest quarter. Net income totaled $67.8 million for the quarter ended June 25, 2022.
“We were able to achieve strong results during the quarter, despite significant inflationary pressures,” said Robert P. Ingle II, Chairman of the Board at Ingles Markets. “We applaud the hard work and dedication of our associates at all levels of our Company for helping us exceed prior year-to-date performance.”
Ingles Markets operates 198 stores in six Southeastern states, where its Laura Lynn private brand can be found.