US grocery operator Ingles Markets saw net profit rise 10% during fiscal 2010 on the back of “record” sales.
Net profit for the year to 25 September reached US$31.7m, Ingles said, on the back of a 4.3% increase in sales to $3.39bn.
Ingles said the number of transactions increased by 8.9%, although the average transaction size fell by $1.51. The company attributed the shift to consumers eating at home more often and higher sales of private-label and lower-priced products.
Sales within Ingles’ grocery segment were up 1.7%; the division accounted for 25.5% of total sales, against 25.3% a year earlier. The company said it has responded to the current competitive environment by keeping prices as low as possible in order to grow sales and market share.
During the fourth quarter, net income grew 63% to reach $8.5m. Sales were up 3.1% to $856m.
“Sales have increased and more people than ever are shopping at Ingles. We’re very proud of that when everyone is competing for customers and the economic environment is not favourable,” said Ingles CEO Robert Ingle.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here for the company’s full earnings statement.