Ingles

Ingles Markets, Inc.(stylized as ingles) is an American regional supermarket chain based in Black Mountain, North Carolina.[6] As of August 2020, the company operates 197 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]

For other uses, see Ingles (disambiguation).
Ingles Markets, Inc.
Public
Traded asNASDAQ: 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
Alabama, Georgia, North Carolina, South Carolina, Tennessee, Virginia
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$3.79 billion (fiscal 2016)[4]
$544.2 million (fiscal 2016)[4]
Number of employees
17,250[5] (2017)
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 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 years 2002 and 2003 and the first three quarters of 2004, to correct the accounting for vendor allowances and certain other items.[9] 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.[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 210 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]

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References
  1. "Ingles Markets' Net Sales Rise 12% in Q3". Winsight Grocery Business. 2020-08-06. Retrieved 2020-08-09.
  2. "All About Ingles". Ingles Markets. Retrieved 2011-03-11.
  3. "Ingles Markets: What Makes It Something Special?". Seeking Alpha. Retrieved 2011-03-11.
  4. "Ingles Markets, Incorporated Reports Sales And Net Income For Fourth Quarter And Full Fiscal Year". Press release. Asheville, NC: Ingles Markets. December 16, 2016. Retrieved 2017-08-26.
  5. "Ingles Markets". Fortune. Retrieved 2019-01-26.
  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. Archived from the original on May 31, 2014. Retrieved 2014-05-31.
  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 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.
  13. "Ingles Markets, Inc. Reports 49th Year of Record Sales..." Press release. Asheville, NC: Ingles Markets. December 9, 2013. Retrieved 2014-05-31.
  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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