Ingles Q3 2022 Earnings Report
Key Takeaways
Ingles Markets reported net sales of $1.46 billion for the quarter ended June 25, 2022, compared to $1.28 billion for the quarter ended June 26, 2021. Net income totaled $67.8 million, compared to $72.0 million for the same quarter last year. The decrease in net income is attributed to rising fuel and food costs, supply chain issues, and a competitive labor market.
Net sales reached $1.46 billion, up from $1.28 billion in the prior year quarter.
Excluding gasoline sales, total grocery comparable store sales increased by 5.7%.
Gross profit was $351.9 million, representing 24.1% of sales.
Net income decreased to $67.8 million, compared to $72.0 million in the same quarter last year due to inflationary pressures and supply chain challenges.
Ingles
Ingles
Forward Guidance
The company expects that its financial resources will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.