Ingles Markets reports positive Q2 earnings

Asheville, N.C. — Net sales and net income for Ingles Markets realized a 4% and 38% increase, respectively, during the second quarter ended March 26, the retailer announced Friday.



Ingles reported that second-quarter net sales rose $33.4 million to $870.4 million, while second-quarter net income increased from $5.6 million to $7.7 million.



Excluding gasoline, total sales increased 2.4% and grocery segment comparable-store sales increased 1.9%, compared with the second quarter of the prior fiscal year. The number of customer transactions (excluding gasoline) increased 0.8%, while the comparable average transaction size increased 1.5%, compared with the same quarter last year.



For the first six months of fiscal 2011, net sales rose 3.9% to $1.74 billion and net income increased 32.4% to $15.4 million, compared with the first six months of fiscal 2010.



During the March 2011 six-month period, Ingles opened one new store and three remodeled stores.



Commenting on the financial results, Ingles Markets CEO Robert Ingle II said the second-quarter results were a "testament to the legacy" of the company's founder, Robert Ingle, who passed away March 6.