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Ingles Markets reports Q3 earnings

ASHEVILLE, N.C. — Ingles Markets reported a 0.7% rise in third-quarter net sales to a total of $917.8 million.

For the period ended June 23, the retailer said third-quarter net income saw a 3.1% gain to $13.1 million, compared with the year-ago period. Ingles Markets also said that — excluding gasoline, where retail prices were approximately ten cents per gallon lower in the June 2012 quarter compared with the year-ago quarter — grocery segment comparable-store sales increased 2.1%.

Basic and diluted earnings per share for publicly traded class A common stock were 56 cents and 54 cents for third quarter 2012, compared with 54 cents and 52 cents, respectively, during the year-ago period. Meanwhile, basic and diluted earnings per share for class B common stock were each 51 cents for the third quarter, compared with 49 cents of basic and diluted earnings per share in the same period last year.

Ingles Markets also reported that for the first nine months of fiscal 2012, net sales rose 2.4% to $2.72 billion and net income increased 7.4% to $30.2 million, compared with the first nine months of fiscal 2011.

"We opened our new distribution center in June and we are pleased with the initial results," Ingles Markets CEO Robert Ingle II said. "We are also pleased with our sales and profit growth for the third quarter and the first nine months of fiscal year 2012."

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