Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported
results for the three and twelve months ended September 30,
2023.
Robert P. Ingle II, Chairman of the Board, stated, “We are happy
to report results for the quarter and year-end. We continue to
thank our associates for the dedication and hard work they provide
to serve our customers.”
Fourth Quarter Results
Net sales totaled $1.58 billion for the quarter ended September
30, 2023, compared with $1.45 billion for the quarter ended
September 24, 2022. Fourth quarter results of fiscal 2023 had 14
weeks compared to 13 weeks for the fourth quarter of fiscal
2022.
Gross profit for the fourth quarter of fiscal 2023 totaled
$369.7 million, or 23.3% of sales. Gross profit for the fourth
quarter of fiscal 2022 was $364.8 million, or 25.1% of sales.
Operating and administrative expenses for the fourth quarter of
fiscal 2023 totaled $299.4 million compared with $268.0 million for
the fourth quarter of fiscal 2022.
Interest expense totaled $5.9 million for the fourth quarter of
fiscal 2023 compared with $5.4 million for the fourth quarter of
fiscal 2022. Total debt at the end of fiscal 2023 was $550.2
million compared with $571.9 million at the end of fiscal 2022.
Net income totaled $52.6 million for the fourth quarter of
fiscal 2023 quarter compared with $70.2 million for the fourth
quarter of fiscal 2022. Basic and diluted earnings per share for
Class A Common Stock were $2.83 and $2.77, respectively, for the
quarter ended September 30, 2023, compared with $3.78 and $3.69,
respectively, for the quarter ended September 24, 2022. Basic and
diluted earnings per share for Class B Common Stock were each $2.57
for the quarter ended September 30, 2023 and $3.43 for the quarter
ended September 24, 2022.
Annual Results
Net sales totaled $5.89 billion for the fiscal year ended
September 30, 2023, compared with $5.68 billion for the fiscal year
ended September 24, 2022. Fiscal year ended September 30, 2023 had
53 weeks and fiscal year ended September 24, 2022 had 52 weeks.
Gross profit for the fiscal year ended September 30, 2023
totaled $1.40 billion, or 23.8% of sales. Gross profit for the
fiscal year ended September 24, 2022 totaled $1.42 billion, or
24.9% of sales.
Operating and administrative expenses totaled $1.1 billion for
the fiscal year ended September 30, 2023, and $1.0 billion for the
fiscal year ended September 24, 2022.
Interest expense was $22.1 million for the fiscal year ended
September 30, 2023, compared with $21.5 million for the fiscal year
ended September 24, 2022.
Net income totaled $210.8 million for the fiscal year ended
September 30, 2023, compared with $272.8 million for the fiscal
year ended September 24, 2022. Basic and diluted earnings per share
for Class A Common Stock were $11.35 and $11.10, respectively, for
the fiscal year ended September 30, 2023, compared with $14.69 and
$14.36, respectively, for the fiscal year ended September 24, 2022.
Basic and diluted earnings per share for Class B Common Stock were
each $10.32 for the fiscal year ended September 30, 2023, compared
with $13.35 of basic and diluted earnings per share for the fiscal
year ended September 24, 2022.
Capital expenditures for the 2023 fiscal year totaled $173.6
million compared with $119.6 million for the 2022 fiscal year.
The Company currently has the full amount available under its
$150.0 million line of credit. The Company believes its financial
resources, including the line of credit and other internal and
anticipated external sources of funds, will be sufficient to meet
planned capital expenditures, debt service and working capital
requirements for the foreseeable future.
About Ingles Markets,
Incorporated
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.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may address, among other
things, our expected financial and operational results and the
related assumptions underlying our expected results. These
forward-looking statements are distinguished by use of words such
as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “will,” “would” and
the negative of these terms, and similar references to future
periods. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to, among other things: business and economic
conditions generally in the Company’s operating area, including
inflation or deflation; shortages of labor, distribution capacity,
and some product shortages as the economy recovers from the
COVID-19 pandemic; inflation in food, labor and gasoline prices;
the Company’s ability to successfully implement our expansion and
operating strategies; pricing pressures and other competitive
factors, including online-based procurement of products the Company
sells; sudden or significant changes in the availability of
gasoline and retail gasoline prices; the maturation of new and
expanded stores; general concerns about food safety; the Company’s
ability to manage technology and data security; the availability
and terms of financing; and increases in costs, including food,
utilities, labor and other goods and services significant to the
Company’s operations. Detailed information about these factors and
additional important factors can be found in the documents that the
Company files with the Securities and Exchange Commission, such as
Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak
only as of the date the statements were made. The Company does not
undertake an obligation to update forward-looking information,
except to the extent required by applicable law.
INGLES MARKETS,
INCORPORATED
(Amounts in thousands except per
share data)
Unaudited Financial
Highlights
Consolidated Statements of
Income
Quarter Ended
Year Ended
Sept. 30,
Sept. 24,
Sept. 30,
Sept. 24,
2023
2022
2023
2022
Net sales
$
1,584,995
$
1,452,020
$
5,892,782
$
5,678,835
Gross profit
369,720
364,783
1,404,915
1,415,768
Operating and administrative expenses
299,400
268,027
1,115,381
1,040,194
Gain from sale or disposal of assets
1,276
122
2,770
1,358
Income from operations
71,596
96,878
292,304
376,932
Other income, net
2,978
1,701
8,269
5,846
Interest expense
5,935
5,383
22,068
21,508
Income tax expense
15,998
23,030
67,693
88,511
Net income
$
52,641
$
70,166
$
210,812
$
272,759
Basic earnings per common share – Class
A
$
2.83
$
3.78
$
11.35
$
14.69
Diluted earnings per common share – Class
A
$
2.77
$
3.69
$
11.10
$
14.36
Basic earnings per common share – Class
B
$
2.57
$
3.43
$
10.32
$
13.35
Diluted earnings per common share – Class
B
$
2.57
$
3.43
$
10.32
$
13.35
Additional selected information:
Depreciation and amortization expense
$
29,162
$
29,278
$
115,979
$
117,802
Rent expense
$
2,731
$
2,331
$
10,592
$
10,874
Consolidated Balance
Sheets
Sept. 30,
Sept. 24,
2023
2022
ASSETS
Cash and cash equivalents
$
328,540
$
267,199
Receivables-net
107,571
97,157
Inventories
493,860
457,946
Other current assets
22,586
15,830
Property and equipment-net
1,431,872
1,374,031
Other assets
89,417
83,348
TOTAL ASSETS
$
2,473,846
$
2,295,511
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt
$
17,527
$
17,621
Accounts payable, accrued
expenses and current portion of other long-term liabilities
313,007
316,157
Deferred income taxes
67,187
73,578
Long-term debt
532,632
554,287
Other long-term liabilities
84,521
74,274
Total Liabilities
1,014,874
1,035,917
Stockholders' equity
1,458,972
1,259,594
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2,473,846
$
2,295,511
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version on businesswire.com: https://www.businesswire.com/news/home/20231129816926/en/
Ingles Markets, Inc. Pat Jackson, Chief Financial Officer
pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
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