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Ingles Markets Inc. (IMKTA) filed Quarterly Report for the period ended 2011-12-24.
Ingles Markets Inc. has a market cap of $424.84 million; its shares were traded at around $17.39 with a P/E ratio of 10.87 and P/S ratio of 0.12. The dividend yield of Ingles Markets Inc. stocks is 3.8%. Ingles Markets Inc. had an annual average earning growth of 7.4% over the past 10 years.
This is the annual revenues and earnings per share of IMKTA over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IMKTA.
Highlight of Business Operations:
Grocery segment comparable store sales grew $41.7 million, or 5.0%, in the first quarter of fiscal 2012 compared to the first quarter of fiscal 2011. Excluding gasoline sales, comparable store sales also increased 3.4%. Retail gasoline sales prices increased and the number of gallons sold decreased during the first quarter of fiscal 2012 compared with the first quarter of fiscal 2011. The number of customer transactions (excluding gasoline) increased 2.0%, and the average transaction size (excluding gasoline) increased by 1.3%.Gross Profit. Gross profit for the three-month period ended December 24, 2011 increased $8.2 million to $201.7 million, or 22.0% of sales, compared to $193.5 million, or 22.2% of sales, for the three-month period ended December 25, 2010.
Gross profit for the Company’s milk processing subsidiary for the December 2011 quarter decreased $0.3 million, or 5.6%, to $5.5 million, or 11.2% of sales, compared to $5.8 million, or 12.8% of sales, for the December 2010 quarter. The cents-per-gallon margin was affected by the competitive environment comparing the three months ended December 2011 with the three months ended December 2010.
Operating and Administrative Expenses. Operating and administrative expenses increased $4.5 million, or 2.7%, to $171.8 million for the three months ended December 24, 2011, from $167.3 million for the three months ended December 25, 2010. As a percentage of sales, operating and administrative expenses were 18.7% and 19.2% for the three months ended December 24, 2011 and December 25, 2010, respectively. Excluding gasoline sales and associated gasoline operating expenses (primarily payroll), operating expenses were 21.6% of sales for the first fiscal quarter of 2012 compared with 21.8% for the first fiscal quarter of 2011. The smaller number of new and remodeled stores opened by the Company during fiscal years 2011 and 2012 have contributed to operating expenses as a percentage of sales being relatively stable.
Net Income. Net income increased $2.9 million or 38.5% for the three-month period ended December 24, 2011 to $10.6 million compared to $7.7 million for the three-month period ended December 25, 2010. Net income, as a percentage of sales, was 1.2% for the December 2011 quarter and 0.9% for the December 2010 quarter. Basic and diluted earnings per share for Class A Common Stock were $0.45 and $0.43, respectively, for the December 2011 quarter, compared to $0.33 and $0.31, respectively, for the December 2010 quarter. Basic and diluted earnings per share for Class B Common Stock were each $0.41 for the December 2011 quarter compared to $0.30 for the December 2010 quarter.
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