ASHEVILLE, NC - 2018 is shaping up to be a good year for Ingles Markets, who, this week, reported increased sales and net income for the second quarter and first six months of fiscal 2018.

“Our strong sales performance benefitted from improvements in our store base and from the variety of products we carry,” said Chairman of the Board Robert P. Ingle II. “We listen to our customers and to our associates to ensure we are always focused on improvement.”

According to a press release, Ingles Markets’ net sales totaled $984.6 million while net income totaled $9.3 million for the second quarter ended March 31, 2018, compared with $946.2 million and $9.2 million, respectively, for the second quarter of fiscal year 2017. For the six months ended March 31, 2018, net sales totaled $2 billion, compared to $1.93 billion for the first six months ended March 25, 2017, while net income totaled $54.4 million for the first half of 2018, compared to $23 million during the same time last year.

Highlights from the second quarter and first half of fiscal 2018 included the following:

• Net sales increased by $38.4 million, or 4.1%, to $984.6 million for the second quarter, ended March 31, 2018
• Gross profit for the March 2018 quarter totaled $235.2 million, higher than gross profit for the second quarter of 2017 of $228.1
• Operating and administrative expenses for the March 2018 quarter totaled $211.6 million, compared with $203.0 million for the March 2017 quarter. Increased personnel costs accounted for most of the increase
• Gross profit for the six months ended March 31, 2018, increased 3.2% and totaled $479.8 million compared with $465.2 million for the first six months of last fiscal year

To read the financial report in its entirety, click here.

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Ingles Markets