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ASHEVILLE, N.C. — Ingles Markets Inc. today reported increased sales and net income in its fiscal first quarter.
Net sales were up 7.3% to nearly $1.5 billion in the quarter ended December 24, the company said. Its gross profit increased $20.7 million to $371.2 million, or 24.9% of sales.
“Ingles had strong performance results for the quarter,” chairman Robert P. Ingle II said in a statement. “We are thankful for our customers and our associates as we continue to focus on fresh and affordable food offerings.”
First-quarter net income totaled $69.4 million, up from $66.2 million for the first quarter of fiscal 2022. Basic and diluted earnings per share for Class A common stock were $3.73 and $3.65, respectively, compared with $3.57 and $3.48, respectively, for the year-earlier quarter.
Ingles’ capital expenditures for the quarter totaled $59.3 million compared with $21.3 million for the first quarter of fiscal 2022.
Operating and administrative expenses for the first quarter totaled $276.2 million compared with $260.1 million for the first quarter of fiscal 2022.
Interest expense totaled $5.3 million compared with $5.4 million a year earlier. Total debt at the end of the first quarter was $564.5 million compared with $586.1 million at the end of the first quarter of fiscal 2022.
Ingles said it has no outstanding borrowings under its $150 million line of credit.
Ingles has198 supermarkets in six states in the Southeast. Many of the stores are in neighborhood shopping centers operated by the company.
