Boston, MA 05/05/2014 (wallstreetpr) – Ingles Markets, Incorporated (NASDAQ:IMKTA) has confirmed its plans to expand its three Anderson Stores from July to include Gas Express outlets. This is one of Ingles strategy to accelerate its growth metrics while also meeting diverse needs for its customers. The company has already applied for land use permits involving stores S.C 81 where construction has already begun.
Ingles Markets, Incorporated (NASDAQ:IMKTA) operates 203 grocery stores all of them in Black Mountain N.C with states footprint in Alabama, Georgia, Tennessee, and Virginia. Expansion into gas outlets comes at a time that the retail store has reported impressive net sales and income growth for Q2 and the first half of the year.
Ingles net sales for the second quarter surged by $27.1 million to $947.8 million with net income also increasing by 29.2% to a high of $10.5 million up from $8.1 million that had been reported for the second quarter of 2013. Net sales for the quarter could have been even higher had sales for the Easter festivities been counted for the quarter, like last year. Easter sales will consequently be recorded for the third quarter.
Q2 Financial Highlights
Impressive improvements for the retail store can also be seen in customer transactions that increased by 0.5% in the quarter. In the past 12 months, Ingles has been able to close one store while also opened another one resulting in a slight increase, in square footage. Gross profit contributed by gasoline for the quarter slightly declined as a result of promotional activities that involved gasoline sales.
Operating and administrative expenses for the second quarter increased by $3.4 million as a result of payroll and store base expenses that were partially offset by better self-insurance claims. Shareholders will have something to smile about as earnings per share for Class A stock will be $0.46 up from $0.33 with earnings per share for class B stock coming in at $0.43 against $0.32.
First Half Results
Ingles Markets, Incorporated (NASDAQ:IMKTA) has now reached a milestone with its first half sales increasing by $37.2 million to $1.89 billion, up from $1.86 billion that had been reported for the same period last year. Gross profit is also at a high of $409.6 million up from $406.9 million.
