Business
Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2023
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 24, 2023.
About this update from Ingles Markets, Incorporated
[{"type":"text","content":" ASHEVILLE, N.C.--(BUSINESS WIRE)--\nIngles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 24, 2023.\n\n\nRobert P. Ingle II, Chairman of the Board, stated, “It is our goal to provide the best customer experience with fresh quality products at affordable prices. We appreciate our customers and associates for their continued dedication and loyalty.”\n\n\nThird Quarter Results\n\n\nNet sales totaled $1.43 billion for the quarter ended June 24, 2023, compared with $1.46 billion for the quarter ended June 25, 2022.\n\n\nGross profit for the third quarter of fiscal 2023 totaled $338.1 million, or 23.6% of sales. Gross profit for the third quarter of fiscal 2022 was $351.9 million, or 24.1% of sales.\n\n\nOperating and administrative expenses for the third quarter of fiscal 2023 totaled $270.9 million compared with $257.3 million for the third quarter of fiscal 2022.\n\n\nInterest expenses totaled $5.4 million for the third quarter of fiscal 2023, as compared with $5.3 million for the third quarter of fiscal 2022.\n\n\nNet income totaled $48.3 million for the third quarter of fiscal 2023, as compared with $67.8 million for the third quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.60 and $2.54, respectively, for the quarter ended June 24, 2023, as compared with $3.65 and $3.57, respectively, for the quarter ended June 25, 2022. Basic and diluted earnings per share for Class B Common Stock were each $2.36 for the quarter ended June 24, 2023, as compared with $3.32 for the quarter ended June 25, 2022.\n\n\nNine Month Results\n\n\nNet sales totaled $4.31 billion for the nine months ended June 24, 2023, as compared with $4.23 billion for the nine months ended June 25, 2022.\n\n\nGross profit for the nine months ended June 24, 2023, totaled $1.04 billion, or 24.0% of sales. Gross profit for the nine months ended June 25, 2022, totaled $1.05 billion, or 24.9% of sales.\n\n\nOperating and administrative expenses totaled $816.0 million for the nine months ended June 24, 2023, as compared to $772.2 million for the nine months ended June 25, 2022.\n\n\n\n\nInterest expenses remained flat at $16.1 million for both nine-month periods ended June 24, 2023, and June 25, 2022.\n\n\nNet income totaled $158.2 million for the nine-month period ended June ...