Ingles Markets Inc - IMKTA STOCK NEWS

Ingles Markets (NASDAQ: IMKTA) reported a strong financial performance for the second quarter and first half of fiscal 2022. Net sales increased by 16.3% to $1.38 billion in Q2, with net income rising to $68.6 million, up from $52.2 million a year earlier. Gross profit for Q2 was $348.6 million, representing 25.3% of sales. For the first half, net sales reached $2.77 billion, with net income of $134.8 million, marking an increase of 16.6% compared to the same period last year. Despite increased expenses, the company maintains a solid cash position with no borrowings on its credit line.

Ingles Markets, Incorporated (NASDAQ: IMKTA) has declared a cash dividend of $0.165 per share on its Class A Common Stock and $0.15 on Class B Common Stock. This translates to an annual dividend rate of $0.66 for Class A and $0.60 for Class B. The dividends are payable on April 14, 2022, to shareholders of record as of April 7, 2022. Ingles operates 198 supermarkets across six southeastern states, alongside neighborhood shopping centers and a fluid dairy facility.

Ingles Markets announces the promotion of Patricia (Pat) E. Jackson to Chief Financial Officer (CFO), effective February 23, 2022. She succeeds Ronald B. Freeman, who retired after nearly 17 years. Pat joined Ingles in 2010 as Controller and previously served as CFO of Sisters of Mercy Services Corporation. As a licensed CPA with a Master’s in Accounting, her leadership is expected to bolster the company's financial strength. Chairman Robert P. Ingle II commended her effective leadership and sound judgment.

Ingles Markets (NASDAQ: IMKTA) reported a 16.9% increase in net sales for Q1 2022, reaching $1.39 billion, compared to $1.19 billion in Q1 2021. Net income rose to $66.2 million, up from $53.8 million year-over-year. However, gross profit margin declined to 25.2% from 26.4%, with expenses increasing due to higher personnel costs amid labor market challenges. Basic earnings per share rose to $3.57, up from $2.73. The company maintains a solid financial position with no borrowings on its $150 million credit line, ensuring liquidity for future needs.

Ingles Markets, Incorporated (NASDAQ: IMKTA) announced the retirement of its CFO, Ronald B. Freeman, effective February 16, 2022. Freeman has served as CFO for 17 years and will not seek re-election to the board of directors. Chairman Robert P. Ingle II expressed gratitude for Freeman's contributions and the company's strong financial standing under his leadership. Ingles Markets operates 198 supermarkets across six southeastern states, along with neighborhood shopping centers and a fluid dairy facility.

Ingles Markets, Incorporated (NASDAQ: IMKTA) has declared a cash dividend of $0.165 per share on its Class A Common Stock and $0.15 per share on its Class B Common Stock, reflecting annual rates of $0.66 and $0.60, respectively. These dividends are payable on January 13, 2022, to shareholders of record on January 6, 2022. Headquartered in Asheville, North Carolina, Ingles operates 198 supermarkets across six southeastern states and also runs neighborhood shopping centers and a fluid dairy facility.

Ingles Markets (NASDAQ: IMKTA) reported a strong performance for the fourth quarter and fiscal year ended September 25, 2021, showing net sales of $1.34 billion, a rise of 11.6% year-over-year. Annual net sales reached $4.99 billion, increasing by 8.2%. Net income for Q4 increased to $71.7 million, with EPS for Class A shares at $3.86. For the fiscal year, net income climbed to $249.7 million, with Class A EPS of $13.06. However, operating expenses rose to $963.3 million, reflecting higher personnel costs. The company reduced its debt from $605.5 million to $589.5 million.

Ingles Markets, Incorporated (NASDAQ: IMKTA) has declared a cash dividend of $0.165 per share on Class A Common Stock and $0.15 per share on Class B Common Stock, reflecting annual rates of $0.66 and $0.60, respectively. These dividends are payable on October 14, 2021, to shareholders of record as of October 7, 2021. The company operates 199 supermarkets across six southeastern states and also runs neighborhood shopping centers and a fluid dairy facility.

Ingles Markets (NASDAQ: IMKTA) reported Q3 net sales of $1.28 billion, up 7.4% year-over-year, and a net income of $72 million, a 14.5% increase. The gross profit was $337.5 million, representing 26.4% of sales. For the nine months ended June 26, 2021, net sales reached $3.65 billion, an increase of 7.0%, with net income of $178 million, up from $120.7 million in the prior year. Operating expenses rose due to increased labor costs. The company refinanced $350 million in senior notes, reducing interest expenses significantly.