Ingles Q4 Net Income Rises

(RTTNews) - Ingles Markets, Incorporated (IMKTA), an American grocer, reported a rise in its net income for the fourth quarter, driven by a rise revenue and decline in interest expenses.

For the 13-week period ended in September, the Black Mountain-headquartered company posted a net income of $71.74 million or $3.78 per Class A share, compared with $57.86 million or $2.86 per Class A share, reported for the same period, last year.

Owing to an increased demand for the grocery products, the retailer reported an income from operations at $98.71 million as against $87.69 million, year-over-year basis.

Interest expense of the supermarket chain for the September quarter recorded at $6.20 million, compared with $8.68 million, reported for the same period, a year ago.

Despite Covid-19 pandemic related headwinds, the grocer generated its net sales at $1.34 billion for the thirteen-week period ended in September, an increase of 11.6 percent, compared with $1.20 billion, recorded for the same quarter of 2020.

The company chose not to provide its view on the impact of the persisting Covid-19 pandemic for the future periods.