From Staff Reports

BLACK MOUNTAIN, N.C. — Net income (profit after taxes and expenses) skyrocketed 158 percent between 2019 and 2023 for the Black Mountain-based grocery store chain Ingles Markets, the website Asheville Watchdog reported on Jan. 31.

The Watchdog noted that its story was based on an analysis it recently conducted of Ingles Markets, based on the company’s reports.

Following are the key details regarding Ingles’ growth and recent performance, as reported by the Watchdog:

• Rapid growth (2019–2023): During this period, which includes the onset of the pandemic, the grocery chain’s sales increased by 40 percent, while net income surged by 158 percent, despite the number of stores remaining the same at 198.

• Profit margins: The company’s net income margin more than doubled, from an average of 1.9 percent in the three years before the pandemic, to 4.6 percent from 2020 to 2022, allowing the company to keep about 5 cents of every dollar sold, compared to 2 cents prior.

• Recent decline (2024–2025): Following this peak, Ingles’ profits have declined. For the fiscal year ending Sept. 27, 2025, net income fell to $83.6 million, a 21 percent decrease from the previous fiscal year, largely due to the impact of Tropical Storm Helene. 

While net income has decreased from its 2023 peak due to recent storm-related damages, the 158 percent increase in net income over the four-year period (2019–2023) is accurate based on reported financial records, the Watchdog stated.

On a political note, the story asserted, “Soaring food prices since the COVID-19 pandemic fueled the affordability debate.”

Also along political lines, the Watchdog stated that, “nationwide, grocery prices increased 29 percent from 2020 through 2025, prompting some politicians, including former Democratic presidential candidate Kamala Harris and others to accuse grocery chains of price gouging. The industry contends it is merely passing on higher costs of food and food production.

“Grocery chains saw enormous financial growth beginning in 2020 with the onset of the pandemic.”

In its Jan. 31 story, the Watchdog noted, “Ingles spokesperson and Chief Financial Officer Pat Jackson did not respond to email requests for comment.”

Meanwhile, Justin McAuliffe, an analyst at GAMCO Investors Inc. of New York, was quoted in the Watchdog story as saying, “The total amount of dollars that the consumer spent on food shifted from restaurants to supermarkets as people were stuck at home” during the pandemic.