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Ingles Markets fiscal Q3 profit falls YOY

Ingles Markets Inc. said its normalized net income for the fiscal third quarter ended June 24 amounted to 58 cents per share, a decrease of 17.2% from 70 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.8 million, a decrease of 17.2% from $14.2 million in the prior-year period.

The normalized profit margin declined to 1.2% from 1.5% in the year-earlier period.

Total revenue grew on an annual basis to $984.4 million from $957.2 million, and total operating expenses climbed from the prior-year period to $954.9 million from $923.8 million.

Reported net income fell 9.5% year over year to $11.5 million, or 57 cents per share, from $12.8 million, or 63 cents per share.