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Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2022

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales for the three and nine months ended June 25, 2022.

Robert P. Ingle II, Chairman of the Board, stated, “We were able to achieve strong results during the quarter, despite significant inflationary pressures. 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.”

Third Quarter Results

Net sales totaled $1.46 billion for the quarter ended June 25, 2022, compared with $1.28 billion for the quarter ended June 26, 2021. Excluding gasoline sales, total grocery comparable store sales increased 5.7% over the comparative fiscal quarter.

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.

Operating and administrative expenses for the June 2022 quarter totaled $257.3 million compared with $239.4 million for the June 2021 quarter.

Interest expense totaled $5.3 million for the quarter ended June 25, 2022, compared with $5.5 million for the quarter ended June 26, 2021.

Net income totaled $67.8 million for the quarter ended June 25, 2022, compared with $72.0 million for the quarter ended June 26, 2021. Net income is down compared to prior year’s quarter due to rising fuel and food costs, supply chain issues and competitive labor market. Basic and diluted earnings per share for Class A Common Stock were $3.65 and $3.57, respectively, for the quarter ended June 25, 2022, compared with $3.88 and $3.79, respectively, for the quarter ended June 26, 2021. Basic and diluted earnings per share for Class B Common Stock were each $3.32 for the quarter ended June 25, 2022, and $3.52 for the quarter ended June 26, 2021.

Nine Month Results

Net sales totaled $4.23 billion for the nine months ended June 25, 2022, compared with $3.65 billion for the nine months ended June 26, 2021. Excluding gasoline sales, total grocery comparable store sales increased 8.6% over the comparative nine-month period.

Gross profit for the nine months ended June 25, 2022, totaled $1.1 billion, or 24.9% of sales. Gross profit for the nine months ended June 26, 2021, totaled $962.2 million, or 26.3% of sales.

Operating and administrative expenses totaled $772.2 million for the nine months ended June 25, 2022, and $714.5 million for the nine months ended June 26, 2021.

Interest expense decreased to $16.1 million for the nine-month period ended June 25, 2022, compared with $18.1 million for the nine-month period ended June 26, 2021.

Net income totaled $202.6 million for the nine-month period ended June 25, 2022, compared with $178.0 million for the nine-month period ended June 26, 2021. Basic and diluted earnings per share for Class A Common Stock were $10.91 and $10.67, respectively, for the nine months ended June 25, 2022, compared with $9.22 and $8.98, respectively, for the nine months ended June 26, 2021. Basic and diluted earnings per share for Class B Common Stock were each $9.92 for the nine months ended June 25, 2022, compared with $8.38 of basic and diluted earnings per share for the nine months ended June 26, 2021.

Capital expenditures for the June 2022 nine-month period totaled $73.2 million, compared with $108.0 million for the June 2021 nine-month period. Capital expenditures for the entire fiscal year are expected to be approximately $100 million to $120 million.

The Company currently has full availability under its $150.0 million line of credit. The Company believes its financial resources, including the line of credit, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical facts) in this press release regarding our prospects, plans, financial position, business strategy and expected financial and operational results may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “predict,” “project,” “potential,” “continue” or the negatives of these terms or variations of them or similar expressions. These statements are based on certain assumptions that Ingles has made in light of its experience in its industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors Ingles believes are appropriate in these circumstances. Ingles undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Ingles’ actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, Ingles. Factors that may affect results include changes in business and economic conditions generally in Ingles’ operating area, pricing pressures, increased competitive efforts by others in Ingles’ marketing areas and the availability of financing for capital improvements. A more detailed discussion of these factors may be found in reports filed by the Company with the Securities and Exchange Commission including its 2021 Form 10-K and 2022 Forms 10-Q.

Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 198 supermarkets. In conjunction with its supermarket operations, the Company 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. To learn more about Ingles Markets visit ingles-markets.com.

INGLES MARKETS, INCORPORATED

(Amounts in thousands except per share data)

Unaudited Financial Highlights

Condensed Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 25,

June 26,

 

June 25,

June 26,

 

 

2022

2021

 

2022

2021

 

 

 

 

 

 

 

Net sales

 

$

1,458,167

$

1,277,465

 

$

4,226,815

$

3,652,463

Gross profit

 

 

351,879

 

337,465

 

 

1,050,986

 

962,154

Operating and administrative expenses

 

 

257,343

 

239,410

 

 

772,167

 

714,459

Gain from sale or disposal of assets

 

 

27

 

2,530

 

 

1,236

 

3,645

Income from operations

 

 

94,563

 

100,585

 

 

280,055

 

251,340

Other income, net

 

 

1,209

 

678

 

 

4,144

 

2,016

Interest expense

 

 

5,286

 

5,529

 

 

16,125

 

18,125

Loss on early extinguishment of debt

 

----

 

1,083

 

----

 

1,083

Income tax expense

 

 

22,723

 

22,677

 

 

65,481

 

56,160

Net income

 

$

67,763

$

71,974

 

$

202,593

$

177,988

 

 

 

 

 

 

 

Basic earnings per common share – Class A

 

$

3.65

$

3.88

 

$

10.91

$

9.22

Diluted earnings per common share – Class A

 

$

3.57

$

3.79

 

$

10.67

$

8.98

Basic earnings per common share – Class B

 

$

3.32

$

3.52

 

$

9.92

$

8.38

Diluted earnings per common share – Class B

 

$

3.32

$

3.52

 

$

9.92

$

8.38

 

 

 

 

 

 

 

Additional selected information:

 

 

 

 

 

 

Depreciation and amortization expense

 

$

29,259

$

30,704

 

$

88,524

$

90,910

Rent expense

 

$

2,983

$

2,702

 

$

8,543

$

8,380

 

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

June 25,

 

 

Sept. 25,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

126,048

 

 

$

70,313

 

Short term investments

 

 

115,210

 

 

 

5,000

 

Receivables-net

 

 

99,367

 

 

 

95,082

 

Inventories

 

 

418,570

 

 

 

389,953

 

Other current assets

 

 

19,907

 

 

 

15,092

 

Property and equipment-net

 

 

1,357,266

 

 

 

1,370,769

 

Other assets

 

 

79,028

 

 

 

72,135

 

TOTAL ASSETS

 

$

2,215,396

 

 

$

2,018,344

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

Current maturities of long-term debt

 

$

17,620

 

 

$

17,601

 

Accounts payable, accrued expenses and current portion of other long-term liabilities

 

301,806

 

 

 

288,497

 

Deferred income taxes

 

 

75,307

 

 

 

72,768

 

Long-term debt

 

 

557,560

 

 

 

571,913

 

Other long-term liabilities

 

 

74,272

 

 

 

84,306

 

Total Liabilities

 

 

1,026,565

 

 

 

1,035,085

 

Stockholders' equity

 

 

1,188,831

 

 

 

983,259

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,215,396

 

 

$

2,018,344

 

 

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