Ingles Markets sees growth in Q2, first half of fiscal 2012
ASHEVILLE, N.C. — Net sales for Ingles Markets experienced a spike during the second quarter and first half of fiscal year 2012, the retailer reported Monday.
For the second quarter ended March 24, Ingles Markets said net sales rose $11.3 million to $881.7 million, compared with the year-ago period, while net income dropped from $7.7 million in second quarter 2011 to $6.5 million in second quarter 2012. Excluding gasoline sales, comparable-store sales at Ingles Markets during the quarter decreased 0.1%, compared with the second quarter of the prior fiscal year.
For the first six months of fiscal 2012, net sales rose $56.8 million to $1.8 billion and net income increased 11.3% to $17.1 million, compared with the first six months of fiscal 2011. Excluding gasoline sales, where retail prices were significantly higher than the first half of fiscal year 2011, grocery segment comparable store sales increased 1.6%.
Commenting on the results, Ingles Markets CEO Robert Ingle II said the company remains "committed to providing value" to its customers and will continue to invest in improvements. He also said the company is slated to open a new distribution center next quarter, which will provide the chain with long-term benefits.
"We are pleased with our sales growth in the second quarter especially since last year's second quarter included a lot of inclement weather that resulted in higher sales for the prior year," Ingle said. "Our grocery margins were stable compared with last year; however, our profitability was affected by lower gasoline margins compared with last year."