Ingles Q2 2023 Earnings Report

Sales increased slightly, but net income and EPS decreased compared to the same quarter last year.

Key Takeaways

Ingles Markets reported a slight increase in net sales for the second quarter of fiscal 2023, but experienced a decrease in net income and earnings per share compared to the previous year. The company highlighted its efforts to provide affordable, high-quality products in an inflationary environment.

Net sales increased by 0.25% to $1.381 billion.

Gross profit decreased to $325.9 million, or 23.6% of sales, compared to $348.6 million, or 25.3% of sales, in the prior year.

Net income decreased to $40.5 million, compared to $68.6 million in the same quarter last year.

Diluted earnings per share for Class A Common Stock decreased to $2.13, compared to $3.61 in the prior year.

Total Revenue

$1.38B

Previous year: $1.38B