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Ingles Markets, Incorporated Reports Sales and Net Income for Second Quarter and First Six Months of Fiscal 2022

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and six months ended March 26, 2022.

The coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. The pandemic has had a significant impact on the Company’s operations since then. At this time the Company cannot predict the impact of the pandemic on future periods.

Robert P. Ingle II, Chairman of the Board, stated, “We are pleased with our strong results due to the dedication and hard work from our associates. We continue to work hard to provide affordable products and selection to our customers during these challenging times.”

Second Quarter Results

Net sales totaled $1.38 billion for the quarter ended March 26, 2022, an increase of 16.3% compared with $1.18 billion for the quarter ended March 27, 2021.

Gross profit for the second quarter of fiscal 2022 totaled $348.6 million, or 25.3% of sales. Gross profit for the second quarter of fiscal 2021 was $310.5 million, or 26.2% of sales.

Operating and administrative expenses for the March 2022 quarter totaled $254.7 million compared with $236.9 million for the March 2021 quarter. Most of the increase was due to higher personnel costs which reflect a tight labor market.

Interest expense totaled $5.4 million for the three-month period ended March 26, 2022, compared with $6.2 million for the three-month period ended March 27, 2021.

Net income totaled $68.6 million for the three-month period ended March 26, 2022, compared with $52.2 million for the three-month period ended March 27, 2021. Basic and diluted earnings per share for Class A Common Stock were $3.70 and $3.61, respectively, for the quarter ended March 26, 2022, compared with $2.65 and $2.58, respectively, for the quarter ended March 27, 2021.

First Half Results

First half fiscal 2022 net sales totaled $2.77 billion, an increase of 16.6% compared with $2.37 billion in the first half of 2021.

Gross profit for the six months ended March 26, 2022, totaled $699.1 million, compared with $624.7 million for the first six months of last fiscal year. Gross profit, as a percentage of sales, was 25.3% for the March 2022 six-month period, compared with 26.3% for the March 2021 six-month period.

Operating and administrative expenses totaled $514.8 million for the six months ended March 26, 2022, and $475.0 million for the six months ended March 27, 2021. Labor costs accounted for most of the increase.

Interest expense decreased to $10.8 million for the six-month period ended March 26, 2022, compared with $12.6 million for the six-month period ended March 27, 2021. Total debt at the end of March 2022 was $578.5 million compared with $647.8 million at the end of March 2021.

Net income totaled $134.8 million for the six-month period ended March 26, 2022, compared with $106.0 million for the six-month period ended March 27, 2021. Basic and diluted earnings per share for Class A Common Stock were $7.26 and $7.10, respectively, for the six months ended March 26, 2022, compared to $5.38 and $5.24, respectively, for the six months ended March 27, 2021.

Capital expenditures for the March 2022 six-month period totaled $34.1 million compared with $69.4 million for the March 2021 six-month period.

The Company currently has no outstanding borrowings under its $150.0 million line of credit.

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. A more detailed discussion of these factors may be found in reports filed by the Company with the Securities and Exchange Commission including its 2021 Form 10-K and 2022 Forms 10-Q.

Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 198 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit ingles-markets.com.

INGLES MARKETS, INCORPORATED

(Amounts in thousands except per share data)

 

Unaudited Financial Highlights

Condensed Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

March 26,

March 27,

 

March 26,

March 27,

 

 

2022

2021

 

2022

2021

 

 

 

 

 

 

 

Net sales

 

$

1,377,119

$

1,184,555

 

$

2,768,648

$

2,374,998

Gross profit

 

 

348,563

 

310,500

 

 

699,107

 

624,689

Operating and administrative expenses

 

 

254,739

 

236,850

 

 

514,825

 

475,049

Gain from sale or disposal of assets

 

 

1,265

 

663

 

 

1,209

 

1,115

Income from operations

 

 

95,089

 

74,313

 

 

185,491

 

150,755

Other income, net

 

 

1,344

 

646

 

 

2,936

 

1,337

Interest expense

 

 

5,426

 

6,195

 

 

10,839

 

12,596

Income tax expense

 

 

22,366

 

16,575

 

 

42,758

 

33,483

Net income

 

$

68,641

$

52,189

 

$

134,830

$

106,013

 

 

 

 

 

 

 

Basic earnings per common share – Class A

 

$

3.70

$

2.65

 

$

7.26

$

5.38

Diluted earnings per common share – Class A

 

$

3.61

$

2.58

 

$

7.10

$

5.24

Basic earnings per common share – Class B

 

$

3.36

$

2.41

 

$

6.60

$

4.89

Diluted earnings per common share – Class B

 

$

3.36

$

2.41

 

$

6.60

$

4.89

 

 

 

 

 

 

 

Additional selected information:

 

 

 

 

 

 

Depreciation and amortization expense

 

$

29,968

$

30,327

 

$

59,265

$

60,206

Rent expense

 

$

2,956

$

2,981

 

$

5,588

$

5,678

 

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

March 26,

 

 

Sept. 25,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

65,624

 

 

$

70,313

 

Short term investments

 

 

115,007

 

 

 

5,000

 

Receivables-net

 

 

98,011

 

 

 

95,082

 

Inventories

 

 

397,891

 

 

 

389,953

 

Other current assets

 

 

24,906

 

 

 

15,092

 

Property and equipment-net

 

 

1,343,411

 

 

 

1,370,769

 

Other assets

 

 

79,327

 

 

 

72,135

 

TOTAL ASSETS

 

$

2,124,177

 

 

$

2,018,344

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

Current maturities of long-term debt

 

$

17,619

 

 

$

17,601

 

Accounts payable, accrued expenses and current portion of other long-term liabilities

 

 

270,370

 

 

 

288,497

 

Deferred income taxes

 

 

73,964

 

 

 

72,768

 

Long-term debt

 

 

560,833

 

 

 

571,913

 

Other long-term liabilities

 

 

80,540

 

 

 

84,306

 

Total Liabilities

 

 

1,003,326

 

 

 

1,035,085

 

Stockholders' equity

 

 

1,120,851

 

 

 

983,259

 

TOTAL LIABILITIES AND

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

$

2,124,177

 

 

$

2,018,344

 

 

Contacts

Pat Jackson, Chief Financial Officer

(828) 669-2941 (Ext. 223)

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