Ingles Markets, Incorporated (IMKTA) has reported a 6.51 percent rise in profit for the quarter ended Dec. 24, 2016. The company has earned $13.82 million in the quarter, compared with $12.98 million for the same period last year. Revenue during the quarter grew 3.33 percent to $982.76 million from $951.11 million in the previous year period. Gross margin for the quarter expanded 40 basis points over the previous year period to 24.12 percent. Total expenses were 96.73 percent of quarterly revenues, up from 96.67 percent for the same period last year. That has resulted in a contraction of 5 basis points in operating margin to 3.27 percent.
Operating income for the quarter was $32.17 million, compared with $31.63 million in the previous year period.
Robert P. Ingle II, Chairman of the Board, stated, "We are off to a good start this year with increased sales and net income, and have planned improvements to our store base in 2017 that we believe our customers will appreciate."
Working capital increases marginally
Ingles Markets, Incorporated has recorded an increase in the working capital over the last year. It stood at $211.96 million as at Dec. 24, 2016, up 1.07 percent or $2.25 million from $209.70 million on Dec. 26, 2015. Current ratio was at 1.87 as on Dec. 24, 2016, down from 1.90 on Dec. 26, 2015. Days sales outstanding were almost stable at 7 days for the quarter, when compared with the last year period.
Debt comes down marginally
Ingles Markets, Incorporated has recorded a decline in total debt over the last one year. It stood at $900.24 million as on Dec. 24, 2016, down 2.65 percent or $24.51 million from $924.75 million on Dec. 26, 2015. Total debt was 52.20 percent of total assets as on Dec. 24, 2016, compared with 54.78 percent on Dec. 26, 2015. Debt to equity ratio was at 1.87 as on Dec. 24, 2016, down from 2.11 as on Dec. 26, 2015. Interest coverage ratio improved to 2.84 for the quarter from 2.64 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
