Ingles

Ingles Markets, Inc. (stylized as ingles) is an American regional supermarket chain based in Black Mountain, North Carolina.[4] As of August 2020, the company operates 197 supermarkets in the Southeastern United States. The company is listed on the NASDAQ under the ticker symbol IMKTA.[3]

For other uses, see Ingles (disambiguation).

Ingles Markets, Inc.
TypePublic
NASDAQ: IMKTA (Class A)
Russell 2000 Component
IndustryRetail / Grocery
Founded1963 (1963) (as Ingles)
Asheville, North Carolina, U.S.
FounderRobert P. Ingle
Headquarters
Black Mountain, North Carolina
,
U.S.
Number of locations
197[1]
Area served
6 states in the southeast
Key people
Robert P. Ingle II (Chairman of the board), James W. Lanning (President and CEO)
ProductsLaura Lynn, named after Robert Ingle's daughter[2] (private label)
ServicesReal estate, dairy and beverage processing[3]
Revenue $4.202 billion (fiscal 2019)[4]
$81.6 million (fiscal 2019)[4]
Number of employees
18,630 (2019)[4]
SubsidiariesMilkco, Inc.
Websiteingles-markets.com
Ingles in Candler, NC

As an adjunct to its supermarket business, Ingles owns and operates shopping centers, gas stations and a milk processing 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][5] The chain sells products with the Laura Lynn brand, named for Ingle's daughter Laura Lynn, now Laura Ingle Sharp. She worked in advertising for the chain starting in the 1970s and has been a member of the board of directors since 1997.[6]

In 1982, Ingles purchased a milk processing plant from Sealtest, which it operates as Milkco Inc., a wholly owned subsidiary.[7] 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 years 2002 and 2003 and the first three quarters of 2004, to correct the accounting for vendor allowances and certain other items.[8] The restatement was a significant factor in the U.S. Securities and Exchange Commission (SEC) issuing a Wells notice to the firm in January 2006, indicating that it might bring enforcement action against it.[9] A settlement was reached with the SEC in April 2006 that did not require payment of a monetary penalty. [10] 

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

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.[12]

Locations

Ingles operates 197 stores in six southeastern states:[13]

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

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

Competition

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

References
  1. "Ingles Markets' Net Sales Rise 12% in Q3". Winsight Grocery Business. August 6, 2020. Retrieved August 9, 2020.
  2. "All About Ingles". Ingles Markets. Retrieved March 11, 2011.
  3. "Ingles Markets: What Makes It Something Special?". Seeking Alpha. Retrieved March 11, 2011.
  4. "Ingles Markets". Fortune. May 18, 2020. Retrieved August 25, 2020.
  5. Blake, Casey (May 3, 2014). "Answer woman: Ingles punctuation, Moffitt complaint". Asheville Citizen-Times. Retrieved May 31, 2014. 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).”
  6. Boyle, John (November 13, 2020). "Answer Man: Malaprop's says 'NC residents only?' Who's Laura Lynn of Ingles fame?". Asheville Citizen-Times. Retrieved November 13, 2020.
  7. "All About Ingles: Milkco Inc". Ingles Markets. Retrieved March 11, 2011.
  8. "Ingles Markets, Inc To Restate Prior Periods" (PDF).
  9. "SEC may discipline Ingles: 'Wells Notice' stems from '02-'03 accounting issues". Chain Store Age. January 23, 2006. Archived from the original on May 31, 2014. Retrieved May 31, 2014.
  10. "Ingles Markets, Inc, Form 10-K for the year ended September 30, 2006".
  11. "ROBERT P. INGLE, FOUNDER OF INGLES MARKETS, INCORPORATED DIES AT AGE 77" (Press release). Asheville, North Carolina: Ingles Markets, Inc. March 6, 2011. Retrieved February 2, 2020. Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported the death on March 6, 2011, of its Founder and Chief Executive Officer, Mr. Robert P. Ingle. [...] The Board of Directors of the Company has elected Robert P. Ingle II to succeed his father as Chief Executive Officer.
  12. "Ingles Toy Store opens in Asheville". Asheville Citizen-Times. December 9, 2013. Retrieved May 31, 2014. 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.
  13. "Ingles Markets, Inc. Reports 49th Year of Record Sales..." Press release. Asheville, NC: Ingles Markets. December 9, 2013. Retrieved May 31, 2014.
  14. Barrett, Mark (March 31, 2014). "Ingles eyes bigger South Asheville store". Asheville Citizen-Times. Retrieved May 31, 2014. 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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