Southeast supermarket chain reports positive Q2

ASHEVILLE, N.C. — Net sales and net income for Ingles Markets realized a 4% and 38% increase, respectively, during the second quarter ended March 26, the retailer announced Friday.

Ingles reported that second-quarter net sales rose $33.4 million to $870.4 million, while second-quarter net income increased from $5.6 million to $7.7 million.

Excluding gasoline, total sales increased 2.4%, and grocery segment comparable-store sales increased 1.9%, compared with the second quarter of the prior fiscal year. The number of customer transactions (excluding gasoline) increased 0.8%, while the comparable average transaction size increased 1.5%, compared with the same quarter last year.

For the first six months of fiscal 2011, net sales rose 3.9% to $1.74 billion, and net income increased 32.4% to $15.4 million, compared with the first six months of fiscal 2010.

During the March 2011 six-month period, Ingles opened one new store and three remodeled stores. The company operates 203 supermarkets across six Southeastern states.

Commenting on the financial results, Ingles Markets CEO Robert Ingle II said the second-quarter results were a "testament to the legacy" of the company's founder, Robert Ingle, who passed away March 6.

Login or Register to post a comment.