Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2022

About this update from Ingles Markets, Incorporated

ASHEVILLE, N.C. --(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and twelve months ended September 24, 2022 . Robert P. Ingle II, Chairman of the Board, stated, “Ingles delivered strong results as we continue our focus on fresh, affordable offerings to our customers. We would like to thank all our dedicated associates for maintaining outstanding shopper conditions and providing value to our customers.” Fourth Quarter Results Net sales totaled $1.45 billion for the quarter ended September 24, 2022 , compared with $1.34 billion for the quarter ended September 25, 2021 . Excluding gasoline sales, comparable store sales increased 5.2% over the comparative fiscal quarter. Gross profit for the fourth quarter of fiscal 2022 totaled $364.8 million , or 25.1% of sales. Gross profit for the fourth quarter of fiscal 2021 was $341.3 million , or 25.6% of sales. Operating and administrative expenses for the September 2022 quarter totaled $268.0 million compared with $248.9 million for the September 2021 quarter. Interest expense totaled $5.4 million for the fourth quarter of fiscal 2022 compared with $6.2 million for the fourth quarter of fiscal 2021. Total debt at the end of fiscal 2022 was $571.9 million compared with $589.5 million at the end of fiscal 2021. Net income totaled $70.2 million for the September 2022 quarter compared with $71.7 million for the September 2021 quarter. Basic and diluted earnings per share for Class A Common Stock were $3.78 and $3.69 , respectively, for the quarter ended September 24, 2022 , compared with $3.86 and $3.78 , respectively, for the quarter ended September 25, 2021 . Basic and diluted earnings per share for Class B Common Stock were each $3.43 for the quarter ended September 24, 2022 , and $3.51 for the quarter ended September 25, 2021 . Annual Results Net sales totaled $5.68 billion for the fiscal year ended September 24, 2022 , compared with $4.99 billion for the fiscal year ended September 25, 2021 . Excluding gasoline sales, comparable store sales increased 7.7% over the comparative fiscal year. Gross profit for the fiscal year ended September 24, 2022 , totaled $1.42 billion , or 24.9% of sales. Gross profit for the fiscal year ended September 25, 2021 , totaled $1.30 billion , or 26.1% of sales. Operating and administrative expenses totaled $1.0 billion for the fiscal year ended September 24, 2022 , and $963.3 million for the fiscal year ended September 25, 2021 . Interest expense was $21.5 million for the fiscal year ended September 24, 2022 , compared with $24.3 million for the fiscal year ended September 25, 2021 . Net income totaled $272.8 million for the fiscal year ended September 24, 2022 , compared with $249.7 million for the fiscal year ended September 25, 2021 . Basic and diluted earnings per share for Class A Common Stock were $14.69 and $14.36 , respectively, for the fiscal year ended September 24, 2022 , compared with $13.06 and $12.73 , respectively, for the fiscal year ended September 25, 2021 . Basic and diluted earnings per share for Class B Common Stock were each $13.35 for the fiscal year ended September 24, 2022 , compared with $11.87 of basic and diluted earnings per share for the fiscal year ended September 25, 2021 . Capital expenditures for the September 2022 fiscal year totaled $119.6 million compared with $140.6 million for the September 2021 fiscal year. The Company currently has the full amount available under its $150.0 million line of credit. The Company believes its financial resources, including the line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future. 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 2022 Form 10-K and 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 Consolidated Statements of Income Quarter Ended Year Ended Sept. 24 , Sept. 25 , Sept. 24 , Sept. 25 , 2022 2021 2022 2021 Net sales $ 1,452,020 $ 1,335,457 $ 5,678,835 $ 4,987,920 Gross profit 364,783 341,279 1,415,768 1,303,433 Operating and administrative expenses 268,027 248,872 1,040,194 963,331 Gain from sale or disposal of assets 122 6,311 1,358 9,956 Income from operations 96,878 98,718 376,932 350,058 Other income, net 1,701 956 5,846 2,971 Interest expense 5,383 6,207 21,508 24,332 Loss on early extinguishment of debt -- -- -- 1,083 Income tax expense 23,030 21,723 88,511 77,883 Net income $ 70,166 $ 71,744 $ 272,759 $ 249,731 Basic earnings per common share – Class A $ 3.78 $ 3.86 $ 14.69 $ 13.06 Diluted earnings per common share – Class A $ 3.69 $ 3.78 $ 14.36 $ 12.73 Basic earnings per common share – Class B $ 3.43 $ 3.51 $ 13.35 $ 11.87 Diluted earnings per common share – Class B $ 3.43 $ 3.51 $ 13.35 $ 11.87 Additional selected information: Depreciation and amortization expense $ 29,278 $ 26,194 $ 117,802 $ 117,104 Rent expense $ 2,331 $ 2,765 $ 10,874 $ 11,145 Consolidated Balance Sheets Sept. 24 , Sept. 25 , 2022 2021 ASSETS Cash and cash equivalents $ 267,199 $ 70,313 Short term investments -- 5,000 Receivables-net 97,157 95,082 Inventories 457,946 389,953 Other current assets 15,830 15,092 Property and equipment-net 1,374,031 1,370,769 Other assets 83,348 72,135 TOTAL ASSETS $ 2,295,511 $ 2,018,344 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 17,621 $ 17,601 Accounts payable, accrued expenses and current portion of other long-term liabilities 316,157 288,497 Deferred income taxes 73,578 72,768 Long-term debt 554,287 571,913 Other long-term liabilities 74,274 84,306 Total Liabilities 1,035,917 1,035,085 Stockholders' equity 1,259,594 983,259 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,295,511 $ 2,018,344 View source version on businesswire.com : https://www.businesswire.com/news/home/20221123005108/en/ Ingles Markets, Inc. Pat Jackson , CPA, Chief Financial Officer [email protected] (828) 669-2941 (Ext. 223) Source: Ingles Markets, Incorporated

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