Ingles Markets, Incorporated (IMKTA) has reported a 12.64 percent fall in profit for the quarter ended Sep. 24, 2016. The company has earned $14.18 million in the quarter, compared with $16.24 million for the same period last year.
Revenue during the quarter went up marginally by 1 percent to $962.37 million from $952.84 million in the previous year period. Gross margin for the quarter expanded 71 basis points over the previous year period to 24.65 percent. Total expenses were 96.68 percent of quarterly revenues, up from 96.13 percent for the same period last year. That has resulted in a contraction of 55 basis points in operating margin to 3.32 percent.
Operating income for the quarter was $31.98 million, compared with $36.90 million in the previous year period.
Commenting on the results, Robert P. Ingle II, chief executive officer, said, "During 2016 we worked very hard to improve our stores, resulting in positive customer response."
Debt comes down marginally
Ingles Markets, Incorporated has recorded a decline in total debt over the last one year. It stood at $876.47 million as on Sep. 24, 2016, down 1.08 percent or $9.58 million from $886.05 million on Sep. 26, 2015. Total debt was 51.97 percent of total assets as on Sep. 24, 2016, compared with 53.01 percent on Sep. 26, 2015. Debt to equity ratio was at 1.86 as on Sep. 24, 2016, down from 2.07 as on Sep. 26, 2015. Interest coverage ratio deteriorated to 2.68 for the quarter from 2.88 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
