Ingles

Ingles Markets, Inc.
Public
Traded as NASDAQ: IMKTA
Industry Retail / Grocery
Founded 1963 (1963) (as Ingles)
Asheville, North Carolina, U.S.
Headquarters Black Mountain, North Carolina, U.S.
Number of locations
 201[1]
Area served
 Alabama, Georgia, North Carolina, South Carolina, Tennessee, Virginia
Key people
 Robert P. Ingle II (Chairman of the board), James W. Lanning (President and CEO)
Products Laura Lynn, named after Robert Ingle's daughter[2] (private label)
Services Real estate, dairy and beverage processing[3]
Revenue $3.74 billion (fiscal 2013)[4]
$20.8 million (fiscal 2013)[4]
Number of employees
 18,800[5]
Subsidiaries Milkco, Inc.
Website ingles-markets.com
Ingles in Thomasville, North Carolina.

Ingles Markets, Inc. is an American regional supermarket chain based in Black Mountain, North Carolina.[6] As of January 2017, the company operates over 200 supermarkets in the Southeastern United States. The company, although listed on the NASDAQ, is family-controlled, with 86% of the voting power and nearly half of the shares owned by the Ingle family.[3]

As an adjunct to its supermarket business, Ingles owns and operates shopping centers, gas stations and a milk processing and packaging plant.[3]

History

The first Ingles store was opened by second-generation grocer Robert P. Ingle in 1963 and located in Asheville, North Carolina.[2] From the beginning, it was known as "Ingles" and not "Ingle's".[7]

In 1982, Ingles purchased a milk processing and packaging plant from Sealtest, which it operates as Milkco Inc., a wholly owned subsidiary.[8] Two-thirds of Milkco's business, which was later expanded beyond dairy to include products such as citrus, tea, and bottled water, is from food service distributors, grocery warehouses, and independent specialty retailers located in 17 states as of 2010.[3] Ingles became a publicly traded company in 1987.[3]

In the 2000s, the chain started building "Ingles Gas Express" gas stations with many of its newer stores.

In February 2005, Ingles Markets announced it would restate financial statements for fiscal 2002 and 2003 and the first three quarters of fiscal 2004, to correct the accounting for vendor allowances and certain other items.[9] The restatement was a significant factor in January 2006 announcement that Ingles received a Wells notice from the U.S. Securities and Exchange Commission.[10]

Following the death of Robert Ingle on March 6, 2011,[11] his son Robert P. Ingle II became CEO.[12]

In December 2012 and December 2013, the company collaborated with Eblen Charities' St. Nicholas Project on what they called "Ingles Toy Store," offering "toys, games, clothes and stocking stuffers" to needy North Carolina families.[13]

Locations

Ingles operates 190 stores in six southeastern states:[4]

Ingles also owns and operates Sav-Mor Foods, which includes seven locations in North Carolina and one each in South Carolina and Tennessee.

Substantially all of Ingles' stores are located within 280 miles (450 km) of its warehouse located in Black Mountain, North Carolina.[3]

Competition

Local competitors include Bi-Lo, Food City, Food Lion, Harris Teeter, Harveys, Kroger, Lowes Foods, Publix, and United Grocery Outlet.[14]

References

  1. ↑ "Ingles Markets, Incorporated Reports Sales And Net Income For Second Quarter And First Six Months Of Fiscal 2017". The Street. 2017-05-05. Retrieved 2017-07-05.
  2. 1 2 "All About Ingles". Ingles Markets. Retrieved 2011-03-11.
  3. 1 2 3 4 5 6 "Ingles Markets: What Makes It Something Special?". Seeking Alpha. Retrieved 2011-03-11.
  4. 1 2 3 "Ingles Markets, Inc. Reports 49th Year of Record Sales...". Press release. Asheville, NC: Ingles Markets. December 9, 2013. Retrieved 2014-05-31.
  5. ↑ "Ingles Markets Inc Black Mountain NC, 287119103". Manta.com. Retrieved 2014-05-31.
  6. ↑ "Contact Information." Ingles Markets. Retrieved on November 17, 2012. "2913 US Highway 70 W Black Mountain, NC 28711-9103"
  7. ↑ Blake, Casey (May 3, 2014). "Answer woman: Ingles punctuation, Moffitt complaint". Asheville Citizen-Times. Retrieved 2014-05-31. Ingles CFO Ron Freeman ... said the continued mispunctuation is a nod to the old-school ways of store naming. “We’ve used ‘Ingles’ without the apostrophe ever since our first store opened in 1963,” he said. "Pictures of our first store and our first newspaper ad don’t have the apostrophe,” he said. “It’s somewhat unique, but not entirely uncommon in the retail industry. Think back to the movie Miracle on 34th St. when you had Macy’s and Gimbels (founded by Adam Gimbel).”
  8. ↑ "All About Ingles: Milkco Inc.". Ingles Markets. Retrieved 2011-03-11.
  9. ↑ "Ingles Markets, Inc To Restate Prior Periods" (PDF).
  10. ↑ "SEC may discipline Ingles: 'Wells Notice' stems from '02-'03 accounting issues". Chain Store Age. January 23, 2006. Retrieved 2014-05-31.
  11. ↑ Motsinger, Carol (6 March 2011). "Bob Ingle, founder of Asheville-based Ingles grocery chain, dies". Asheville Citizen-Times. Retrieved 2011-03-06.
  12. ↑ "Robert P. Ingle, Founder of Ingles Markets, Incorporated Dies at Age 77". Press release. Ingles Markets. March 7, 2011. Retrieved 2011-03-11.
  13. ↑ "Ingles Toy Store opens in Asheville". Asheville Citizen-Times. December 9, 2013. Retrieved 2014-05-31. Ingles Markets and Eblen Charities' St. Nicholas Project have collaborated for the second year in a row to fill the Ingles Toy Store with thousands of toys, games, clothes and stocking stuffers to help families and children in the mountains as Christmas approaches.
  14. ↑ Barrett, Mark (March 31, 2014). "Ingles eyes bigger South Asheville store". Asheville Citizen-Times. Retrieved 2014-05-31. Ingles faces renewed competition in the South Asheville market. Katuah Market opened in Biltmore Village in December, The Fresh Market opened a store at 1378 Hendersonville Road on March 5 and Publix is scheduled to open its first store in Buncombe County at 1832 Hendersonville Road by the end of the year.
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