US retailer Ingles Markets has reported record full-year sales, as well as a steep rise in net income.
Sales for the year ended 24 September rose to US$3.56bn, up from $3.39bn in the same period last year. Grocery comparable-store sales increased 2.3%.
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Net income for the period increased 26.6% to $39.1m compared with 2010, while operating income rose to $118m, up from $109m.
Fourth-quarter sales rose 5.8% to $905.8m and grocery segment comparable store sales excluding fuel increased 2.2% for the fourth quarter.
Ingles said its fourth-quarter net income increased 33.1% to $11m. Operating income also rose to $30.5m from $28.4m.
CEO Robert Ingle said the company has had to respond to the current competitive environment by keeping prices as low as possible in order to grow sales and market share.
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By GlobalData“We are proud of both increased sales and profits, reflecting a fitting tribute to the way my father built and ran this company. We have a great group of managers and associates that continue to drive excellent results,” he said yesterday (5 December).
Capital expenditure increased 5% to $97.5m during fiscal 2011 as Ingles opened, replaced or remodelled four stores and also began construction of a new distribution facility that is expected to open in 2012.
