Ingles Markets Breaks Records in its Fiscal 2019 Report

Ingles Markets experienced a highly profitable 2019, recently reporting record high sales for the fiscal year. The retailer’s financial press release stated Ingles Markets earned $4.2 billion for fiscal year 2019, up from $4.09 billion in fiscal year 2018.

“We are pleased with another year of record sales, and with the steps we are taking for the long-term health of our company,” Robert P. Ingle II, Chairman of the Board, commented in the release. “Our associates continue to do a great job making sure our customers are happy.”

Highlights from the financial release include:

• Pre-tax annual income totaled $106.6 million for fiscal year 2019 and $80.3 million for fiscal year 2018
• Net income totaled $81.6 million in 2019 compared with $97.4 million in 2018
• Net income for the fourth quarter of fiscal 2019 totaled $20.9 million compared with net income of $18.4 million for the fourth quarter of fiscal 2018
• Net sales were $4.20 billion for the fiscal year ended September 2019 compared with $4.09 billion for the fiscal year ended September 2018
• Comparable store sales excluding gasoline in fiscal year 2019 increased 3.9 percent over fiscal 2018

Ingles Markets also reported that interest rates on its floating rate debt increased during fiscal year 2019, but overall debt levels decreased over the past 12 months.

Can we expect Ingles Markets’ growth trend to continue? Deli Market News will report.