Ingles Markets Inc. said its normalized net income for the fiscal fourth quarter ended Sept. 24 came to 65 cents per share, a decrease of 7.9% from 70 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.1 million, a decline of 7.9% from $14.3 million in the prior-year period.
The normalized profit margin fell to 1.4% from 1.5% in the year-earlier period.
Total revenue grew year over year to $962.4 million from $952.8 million, and total operating expenses rose year over year to $930.1 million from $917.8 million.
Reported net income decreased 12.5% from the prior-year period to $14.2 million, or 70 cents per share, from $16.2 million, or 80 cents per share.
For the year, the company's normalized net income totaled $2.65 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.85.
EPS declined 7.0% from $2.85 in the prior year.
Normalized net income was $53.7 million, a decrease of 7.0% from $57.7 million in the prior year.
Full-year total revenue totaled $3.79 billion, compared with $3.78 billion in the prior year, and total operating expenses came to $3.67 billion, compared with $3.64 billion in the year-earlier period.
The company said reported net income decreased 8.5% year over year to $54.3 million, or $2.67 per share, in the full year, from $59.4 million, or $2.93 per share.