Sponsored By

Ingles Markets closes out fiscal 2021 with 8.2% sales gain

Regional grocer sees net earnings climb almost 40% for the year

Russell Redman

November 24, 2021

2 Min Read
Ingles_Markets-storefront_photo.jpg
Ingles Markets' 11.6% net sales increase in the fourth quarter exceeded the pandemic-driven gain in the 2020 quarter by 30 percentage points.Ingles Markets

Aided by a double-digit sales increase in the fourth quarter, Ingles Markets finished near the $5 billion mark for fiscal 2021 in building on last year’s COVID-fueled growth.

For the fourth quarter ended Sept. 25, net sales totaled $1.34 billion, up 11.6% from $1.2 billion in the fiscal 2020 quarter, when sales climbed 11.3%, Ingles Markets said Wednesday. The Asheville, N.C.-based regional didn’t report comparable-store sales for the period, and the company’s 10-K filing with the Securities and Exchange Commission wasn’t immediately available.

Gross profit in the quarter came in at $341.3 million, or 25.6% of sales, up from $324.5 million, or 27.1% of sales, in the 2020 quarter. Operating and administrative expenses rose to $248.9 million from $236.8 million a year ago, driven mainly by higher personnel costs to support higher sales and extra safety measures amid the pandemic, according to Ingles Markets. 

At the bottom line, fourth-quarter net income rose 24% to $71.7 million from $57.9 million a year ago. Basic and diluted earnings per share (EPS) for Class A common stock were $3.86 and $3.78, respectively, for the 2021 quarter versus $2.94 and $2.86 in the prior-year period. For Class B common stock, basic and diluted EPS were $3.51 at the quarter’s end, up from $2.67 a year earlier.

Related:Ingles Markets adds to pandemic-driven sales gains in third quarter

Ingles Markets noted that, as the nation works to exit the pandemic, the company cannot predict COVID-19’s impact going forward. 

“We had a successful year amidst ongoing difficulties caused by COVID-19,” Chairman Robert Ingle said in a statement. “During this past year, we are thankful for our associates who continued to provide customers with needed products and services.” 

For the 2021 fiscal year, Ingles Markets’ net sales grew 8.2% to $4.99 billion, compared with 9.7% growth to $4.61 billion in 2020. Comparable-sales data wasn’t immediately available.

Full-year gross profit totaled $1.3 billion, or 26.1% of sales, versus $1.2 billion, or 26% of sales, in 2020. Operating and administrative costs escalated to $963.3 million from $921.7 million. 

Ingles Markets said net earnings surged nearly 40% to $249.7 million in fiscal 2021 from $178.6 million in fiscal 2020. Basic and diluted EPS for Class A Common Stock were $13.06 and $12.73, respectively, up from $9.06 and $8.82 a year earlier. Class B Common Stock basic and diluted EPS were $11.87 for 2021 versus $8.24 a year ago. 

Capital expenditures ended up at $140.6 million in 2021, compared with $122.8 million in 2020. Ingles Markets said spending focused on stores opened during fiscal year and locations slated to open later on. 

Related:Ingles Markets to grow curbside service with network upgrade

Ingles Markets closed out fiscal 2021 with 198 supermarkets in six states, including 74 in North Carolina, 66 in Georgia, 35 in South Carolina, 21 in Tennessee, and one apiece in Virginia and Alabama, compared with 197 stores overall at the end of fiscal 2020. The food and drug retailer also currently operates 111 in-store pharmacies and 107 fuel centers.

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

Stay up-to-date on the latest food retail news and trends
Subscribe to free eNewsletters from Supermarket News

You May Also Like