Ingles Markets Reports Sales and Net Income for First Quarter Fiscal 2020
ASHEVILLE, NC - Ingles Markets has been on a record-breaking path since 2018, after two consecutive years of breaking records and taking names in its financial reports. This week, the grocer announced its financial results for the three months ended December 28, 2019, and once again growth was trending positively for Ingles Markets.
"We were pleased with our sales growth during the important holiday period,” said Robert P. Ingle II, Chairman of the Board. “We completed a successful long-term financing that will lower our interest cost for many years to come."
In a press release, the grocer outlined the following results in its quarterly earnings, many of which did not beat last year’s records only because of the steepness of gas prices. Despite this setback, Ingles Markets is still on a path for further growth in 2020.
- Total sales for the December 2019 quarter were $1.08 billion, an increase of 1.6 percent over the December 2018 quarter
- Net income totaled $17.7 million for the quarter ended December 28, 2019 (compared to $22.2 million for the quarter ended December 29, 2018—a decrease attributed to $3.7 million of refinancing costs during the current quarter, which will result in lower interest expense for future periods)
- Net sales totaled $1.08 billion for the quarter ended December 28, 2019, compared with $1.06 billion for the quarter ended December 29, 2018, an increase of $16.5 million
- Comparable store sales, excluding gasoline, increased 2.4 percent
- Gross profit for the December 2019 quarter was $257.5 million, or 23.9 percent of sales
To read Ingles Markets’ report in its entirety, click here. To stay ahead of our industry’s growth trends, stay right here with AndNowUKnow.