Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2022
Ingles Markets (NASDAQ: IMKTA) reported net sales of $1.46 billion for Q3 2022, up from $1.28 billion in Q3 2021, despite inflationary pressures. Gross profit for Q3 was $351.9 million, or 24.1% of sales, down from 26.4% a year prior. Net income decreased to $67.8 million, down from $72 million, while EPS for Class A shares fell to $3.65 from $3.88. For the nine months ended June 25, 2022, net sales reached $4.23 billion with a net income of $202.6 million, compared to $178 million in the same period last year. The company expects capital expenditures between $100 million and $120 million for the year.
- Net sales increased by 13.9% year-over-year for Q3 2022.
- Comparable store sales (excluding gasoline) rose 5.7% for Q3 and 8.6% for the nine-month period.
- Net income for the nine-month period increased by 13.9% year-over-year.
- Gross profit margin decreased from 26.4% to 24.1% in Q3 2022.
- Net income for Q3 declined 3% compared to the previous year.
- Operating and administrative expenses rose from $239.4 million to $257.3 million in Q3.
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
Gross profit for the
Operating and administrative expenses for the
Interest expense totaled
Net income totaled
Nine Month Results
Net sales totaled
Gross profit for the nine months ended
Operating and administrative expenses totaled
Interest expense decreased to
Net income totaled
Capital expenditures for the
The Company currently has full availability under its
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
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(Amounts in thousands except per share data) |
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Unaudited Financial Highlights |
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Condensed Consolidated Statements of Income (Unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2022 |
2021 |
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2022 |
2021 |
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Net sales |
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$ |
1,458,167 |
$ |
1,277,465 |
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$ |
4,226,815 |
$ |
3,652,463 |
Gross profit |
|
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351,879 |
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337,465 |
|
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1,050,986 |
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962,154 |
Operating and administrative expenses |
|
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257,343 |
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239,410 |
|
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772,167 |
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714,459 |
Gain from sale or disposal of assets |
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27 |
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2,530 |
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1,236 |
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3,645 |
Income from operations |
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94,563 |
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100,585 |
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280,055 |
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251,340 |
Other income, net |
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1,209 |
|
678 |
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4,144 |
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2,016 |
Interest expense |
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5,286 |
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5,529 |
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16,125 |
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18,125 |
Loss on early extinguishment of debt |
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---- |
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1,083 |
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---- |
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1,083 |
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Income tax expense |
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22,723 |
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22,677 |
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65,481 |
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56,160 |
Net income |
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$ |
67,763 |
$ |
71,974 |
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$ |
202,593 |
$ |
177,988 |
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Basic earnings per common share – Class A |
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$ |
3.65 |
$ |
3.88 |
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$ |
10.91 |
$ |
9.22 |
Diluted earnings per common share – Class A |
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$ |
3.57 |
$ |
3.79 |
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$ |
10.67 |
$ |
8.98 |
Basic earnings per common share – Class B |
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$ |
3.32 |
$ |
3.52 |
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$ |
9.92 |
$ |
8.38 |
Diluted earnings per common share – Class B |
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$ |
3.32 |
$ |
3.52 |
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$ |
9.92 |
$ |
8.38 |
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Additional selected information: |
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Depreciation and amortization expense |
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$ |
29,259 |
$ |
30,704 |
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$ |
88,524 |
$ |
90,910 |
Rent expense |
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$ |
2,983 |
$ |
2,702 |
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$ |
8,543 |
$ |
8,380 |
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Condensed Consolidated Balance Sheets (Unaudited) |
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2022 |
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2021 |
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ASSETS |
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Cash and cash equivalents |
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$ |
126,048 |
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$ |
70,313 |
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Short term investments |
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115,210 |
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5,000 |
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Receivables-net |
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99,367 |
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95,082 |
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Inventories |
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418,570 |
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389,953 |
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Other current assets |
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19,907 |
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15,092 |
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Property and equipment-net |
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1,357,266 |
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1,370,769 |
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Other assets |
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79,028 |
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72,135 |
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TOTAL ASSETS |
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$ |
2,215,396 |
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$ |
2,018,344 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current maturities of long-term debt |
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$ |
17,620 |
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$ |
17,601 |
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Accounts payable, accrued expenses and current portion of other long-term liabilities |
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301,806 |
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288,497 |
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Deferred income taxes |
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75,307 |
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72,768 |
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Long-term debt |
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557,560 |
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571,913 |
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Other long-term liabilities |
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74,272 |
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84,306 |
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Total Liabilities |
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1,026,565 |
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1,035,085 |
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Stockholders' equity |
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1,188,831 |
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983,259 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
2,215,396 |
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$ |
2,018,344 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005174/en/
pjackson@ingles-markets.com
(828) 669-2941 (Ext. 223)
Source:
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