Ingles Markets Incorporated · Q2 2022 earnings

Briefing

Increased sales and net income were reported for the quarter ended March 26, 2022.

For the quarter ended March 26, 2022, net sales totaled $1.38 billion, an increase of 16.3% compared to the quarter ended March 27, 2021. Net income totaled $68.6 million, compared to $52.2 million for the same period in the prior year.

• Net sales increased by 16.3% compared to the same quarter last year.
• Gross profit was $348.6 million, representing 25.3% of sales.
• Net income increased to $68.6 million compared to $52.2 million last year.
• Basic earnings per share for Class A Common Stock were $3.70.

Headline financials

Revenue & EPS history

Ingles continues to provide additional pandemic support to its communities, including increased donations to local food banks and purchases from local vendors. The comments in this press release contain certain forward-looking statements. Ingles undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Ingles’ actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, Ingles. Factors that may affect results include changes in business and economic conditions generally in Ingles’ operating area, pricing pressures, increased competitive efforts by others in Ingles’ marketing areas and the availability of financing for capital improvements.