Ingles Markets Inc (IMKTA) has reported a 36.27 percent plunge in profit for the quarter ended Mar. 25, 2017. The company has earned $9.15 million in the quarter, compared with $14.36 million for the same period last year. Revenue during the quarter went up marginally by 2.36 percent to $946.15 million from $924.31 million in the previous year period. Gross margin for the quarter contracted 64 basis points over the previous year period to 24.11 percent. Total expenses were 97.35 percent of quarterly revenues, up from 96.42 percent for the same period last year. That has resulted in a contraction of 94 basis points in operating margin to 2.65 percent.
Operating income for the quarter was $25.05 million, compared with $33.13 million in the previous year period.
Working capital decreases marginally
Ingles Markets Inc has witnessed a decline in the working capital over the last year. It stood at $190.28 million as at Mar. 25, 2017, down 4.30 percent or $8.55 million from $198.82 million on Mar. 26, 2016. Current ratio was at 1.79 as on Mar. 25, 2017, down from 1.86 on Mar. 26, 2016. 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 Inc has recorded a decline in total debt over the last one year. It stood at $876.48 million as on Mar. 25, 2017, down 3.44 percent or $31.22 million from $907.71 million on Mar. 26, 2016. Total debt was 51.46 percent of total assets as on Mar. 25, 2017, compared with 54 percent on Mar. 26, 2016. Debt to equity ratio was at 1.80 as on Mar. 25, 2017, down from 2.02 as on Mar. 26, 2016. Interest coverage ratio deteriorated to 2.14 for the quarter from 2.95 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
