Ingles Markets, Incorporated Reports Sales and Net Income for Second Quarter and First Six Months of Fiscal 2021
Ingles Markets, Incorporated (NASDAQ: IMKTA) reported a 3.4% increase in net sales, totaling $1.18 billion in Q2 2021, compared to $1.14 billion in Q2 2020. Gross profit rose to $310.5 million, representing 26.2% of sales. Net income increased to $52.2 million, with EPS of $2.65. For the first half, net sales reached $2.37 billion, a 6.8% rise from the previous year. While operating expenses increased to $475.0 million, interest expenses decreased significantly to $12.6 million. The company highlights the impact of COVID-19 on operations.
- Net sales in Q2 2021 rose by 3.4% to $1.18 billion.
- Gross profit for Q2 2021 increased to $310.5 million, or 26.2% of sales.
- Net income for Q2 2021 was $52.2 million, up from $40.3 million in Q2 2020.
- EPS for Q2 2021 improved to $2.65 and $2.58 for basic and diluted shares, respectively.
- First half net sales increased by 6.8% to $2.37 billion.
- Interest expense decreased significantly to $12.6 million for the first half.
- Operating expenses rose to $475.0 million due to increased labor and pandemic-related costs.
Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and six months ended March 27, 2021.
The coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. The pandemic has had a significant impact on the Company’s operations since then. At this time the Company cannot predict the impact of the pandemic on future periods.
Robert P. Ingle II, Chairman of the Board, stated, ”We continue to be pleased with our results and wish to thank all our associates for their dedication and hard work.”
Second Quarter Results
Net sales totaled
Gross profit for the second quarter of fiscal 2021 totaled
Operating and administrative expenses for the March 2021 quarter totaled
Interest expense totaled
Net income totaled
First Half Results
First half fiscal 2021 net sales totaled
Gross profit for the six months ended March 27, 2021, totaled
Operating and administrative expenses totaled
Interest expense decreased to
Net income totaled
Capital expenditures for the March 2021 six-month period totaled
The Company currently has
Ingles continues to provide additional pandemic support to its communities, including increased donations to local food banks and purchases from local vendors.
The comments in this press release contain certain forward-looking statements. 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 2020 Form 10-K and 2021 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 |
|
Six Months Ended |
||||||||||||||||
|
March 27, |
|
March 28, |
|
March 27, |
|
March 28, |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
||||
|
|
|
|
|
|
||||||||||||||
Net sales |
$ |
1,184,555 |
$ |
1,145,482 |
|
$ |
2,374,998 |
$ |
2,223,837 |
||||||||||
Gross profit |
|
310,500 |
|
|
291,588 |
|
|
|
624,689 |
|
|
549,077 |
|
||||||
Operating and administrative expenses |
|
236,850 |
|
|
228,395 |
|
|
|
475,049 |
|
|
450,374 |
|
||||||
Gain from sale or disposal of assets |
|
663 |
|
|
108 |
|
|
|
1,115 |
|
|
3,073 |
|
||||||
Income from operations |
|
74,313 |
|
|
63,301 |
|
|
|
150,755 |
|
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Ingles Markets, Incorporated Reports Sales and Net Income for Second Quarter and First Six Months of Fiscal 2021 FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were the Q2 2021 earnings results for Ingles Markets (IMKTA)?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Ingles Markets reported Q2 2021 net sales of $1.18 billion, a 3.4% increase from Q2 2020, with net income of $52.2 million."
}
},
{
"@type": "Question",
"name": "How did the pandemic affect Ingles Markets' financial performance?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The pandemic resulted in increased operating expenses, rising to $475.0 million in the first half of 2021 due to enhanced safety measures."
}
},
{
"@type": "Question",
"name": "What was the EPS for Ingles Markets in the first half of 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The basic and diluted EPS for the first six months ended March 27, 2021, were $5.38 and $5.24, respectively."
}
},
{
"@type": "Question",
"name": "What financial metrics improved for Ingles Markets in 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Ingles Markets saw improved gross profit margins, with Q2 gross profit at $310.5 million (26.2% of sales) and a significant reduction in interest expenses."
}
}
]
}
| ||||||||
