Ingles Markets Reports Record Sales and Net Income for Fiscal 2018
- by Jessica Donnel
ASHEVILLE, NC - Ingles Markets announced the results for its financial report for its fourth quarter and fiscal year 2018, hitting record sales and net income marks and gearing up for more growth as we head into 2019. Specifically, the retailer hit a total sales mark of $4.09 billion and a net income mark of $97.4 million, compared to $4.00 billion and $53.9 billion, respectively, in fiscal year 2017.
“Our associates’ hard work and dedication contributed to our outstanding sales,” said Robert P. Ingle II, Chairman of the Board, in a press release. “We will continue to invest in our business for sustainable long-term growth.”
Highlights from Ingles’ fiscal year 2018 included the following:
- Comparable store sales in fiscal year 2018 increased 2.0% over fiscal 2017, excluding gasoline, and adjusted to reflect the same number of weeks in each fiscal year. The number of transactions and the average transaction size were both higher in fiscal year 2018 compared with the prior year
- Gross profit for the fiscal year ended September 29, 2018, increased $16.6 million, or 1.7%, to $980.2 million, or 24.0% of sales, compared with $963.6 million, or 24.1% of sales, for the fiscal year ended September 30, 2017
- Operating expenses totaled $856.1 million in fiscal 2018 compared with $837.1 million in fiscal 2017 and were 20.9% of sales for both fiscal years 2018 and 2017
- Net income for fiscal 2018 totaled $97.4 million compared with net income of $53.9 million for fiscal 2017. Basic and diluted earnings per share for the Company’s publicly traded Class A common stock were $4.94 and $4.81 per share, respectively, for the year ended September 29, 2018, compared with $2.74 and $2.66 per share, respectively, for the year ended September 30, 2017
Ingles’ fourth quarter also saw good results, including the following highlights:
- Net sales totaled $1.06 billion for the 13-week quarter ended September 29, 2018, compared with $1.09 billion for the 14 week September 2017 quarter. Comparable store sales increased 2.3%,
- Gross profit for the 13-week fourth quarter of fiscal 2018 totaled $256.4 million compared with $261.3 million for the 14-week fourth quarter of fiscal 2017. Gross profit as a percentage of sales was 24.2% and 24.0% for the 2018 and 2017 fourth quarters, respectively
- Net income for the 2018 13-week quarter totaled $18.4 million compared with net income of $19.4 million for the 14 week September 2017 quarter
To read Ingles Markets latest financial report in its entirety, click here.
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