US: Ingles Markets higher FY sales, underlying profits

By Dean Best | 9 December 2013

Regional US supermarket chain Ingles Markets has booked an increase in annual sales and underlying profits.

Net sales were up 0.5% at US$3.74bn for the year to the end of September. Ingles' Markets previous financial year had an extra week; excluding that week, the retailer said it saw grocery comparable-store sales increase 1.8%.

On a reported basis, net income was lower year-on-year, falling from $43.3m to $20.8m.

However, the result included a $43.1m pre-tax charge for extinguishing debt as part of the retailer's refinancing.

CEO Robert Ingle II said: "We have increased sales every year since the company’s founding and completed a refinancing this year that positions the company for future sales and profitability growth."

Click here for the full statement from Ingles Markets.

Sectors: Financials, Retail

Companies: Ingles Markets

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