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    Ingles Posts Higher Q2, First-half Net Income

    Sales including gas were down, however

    Ingles Markets Inc. has reported higher net income for the three and six months ended March 28, 2015, compared with the year-ago periods. Net income increased 36.8 percent to $14.3 million for the quarter, while the first half of fiscal 2015 delivered net income of $29.3 million, or an increase of 46.8 percent.

    Q2 sales, excluding gasoline sales, edged up 1 percent to $810.9 million, and comparable store sales (excluding gas) rose 1.2 percent. However, total sales for Q2 including gasoline fell 3.4 percent from the year-ago period, to $915.3 million. According to Ingles, fiscal 2015 per-gallon gasoline prices were considerably down from the same periods last year, resulting in lower sales. Comparing the three- and six-month periods of fiscal 2015 with the same periods in fiscal 2014, gasoline gallons sold went up, while the average price per gallon declined 34.8 percent and 24.1 percent, respectively, the Southeast regional grocer added.

    Gross profit for Q2 increased 6.1 percent to $218.7 million, versus $206.1 million for year-ago period.

    Basic and diluted earnings per share for Class A Common Stock were 72 cents and 71 cents, respectively, for Q2 2015, compared with 47 cents and 46 cents, respectively, for the year-ago periods. Basic and diluted earnings per share for Class B Common Stock were each 66 cents for the quarter, compared with 43 cents last year.

    First-half fiscal 2015 sales, excluding gas, increased 2 percent to $1.64 billion, a $32.3 million rise from last year’s first-half nongas sales; comps excluding gas went up 1.8 percent; and six-month total fiscal 2015 sales including gas dipped 0.7 percent from last year’s first half-sales, to $1.88 billion.

    Gross profit for the six months of 2015 was $443.1 million, versus $409.6 million last year. 

    Basic and diluted earnings per share for Class A Common Stock were $1.49 and $1.45, respectively, for the first half of the year, versus 91 cents and 88 cents, respectively, for the year-ago. Basic and diluted earnings per share for Class B Common Stock were each $1.36 for the first half, compared with 83 cents last year.

    "We will continue to add products and amenities that appeal to our customers," noted CEO Robert P. Ingle II. "Our first-half results reflect that, as well as the hard work of our associates."

    Asheville, N.C.-based Ingles operates 202 supermarkets in six southeastern states, along with neighborhood shopping centers, most of which contain an Ingles supermarket, and a fluid dairy facility that supplies company supermarkets and unaffiliated customers.

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