Tesco customers donated record number of meals during the fifth Neighbourhood Food Collection

Cheshunt, England, 2014-12-8 — /EPR Retail News/ — Tesco customers have donated a record number of meals during the fifth Neighbourhood Food Collection, as Brits prove to be more generous than ever before.

4.7 million meals were donated by Tesco customers, to be split between charity partners FareShare and Trussell Trust. The full total of meals donated to people in need since December 2012 is now at 21.5million, weighing in at over 9,000 tons. This includes permanent and local collections plus surplus food provisions.

During the collection, customers were asked to donate non-perishable food items such as long-life milk, cereals and tinned vegetables and fruit. Volunteers from the Trussell Trust, FareShare, Rotary Club, BT and the British Red Cross joined Tesco colleagues in store to collect donations from kind-hearted customers.

The food collected will benefit those living in food poverty, many of whom struggle the most during the winter months. Tesco provides a 30% top up to the charities on all food donated.

The news of the record breaking Neighbourhood Food Collection comes as a survey by YouGov and commissioned by Tesco reveals that a third (32%) of the British public have remembered vulnerable people in need by generously donating food to those in need across the country. The survey also reveals the spread of generosity across the Britain, as the North West comes out on top as the most generous region (39%), ahead of Wales (38%), South East (37%) and Scotland (37%).

Food poverty continues to be a serious issue across the UK despite the economic recovery, as figures published by the Trussell Trust this winter showed the number of people helped by food banks in the first half of the 2014-15 financial year is 38% higher than numbers helped during the same period last year.

Lindsay Boswell, CEO of FareShare, said: “We at FareShare have been blown away by the generosity of people donating in Tesco stores across the country to help people in need.  The total amount of food collected this time has been staggering and surpassed all expectations.  It is a reflection of our amazing volunteers and partner organisations across the country who selflessly gave up their time to help collect food donations and of the great British public who have responded so generously to the call for action.  Sadly food poverty affects a large number of people across the UK and we are now providing food to 32% more charities than we did six months ago. From homeless hostels to breakfast clubs, women’s refuges to lunch clubs for older people, these frontline organisations need food more than ever.  The donations from this Neighbourhood Food Collection will make a huge difference to these organisations’ ability to not only serve nutritious meals for people in need but also provide additional support to help people back on their feet. Thank you!”

David McAuley, Trussell Trust Chief Executive, says: “Last year in December alone over 100,000 people received three days’ food from Trussell Trust foodbanks, including over 30,000 children. This year, we’re seeing more people living on a financial knife edge where any small crisis can cause them to go hungry. Thanks to incredible public kindness, many people who would’ve been forced to make tough choices between eating and heating will receive emergency food this winter. Thousands of people who would’ve struggled to put any food on the table on Christmas Day will now receive festive hampers from Trussell Trust foodbanks thanks to the Tesco’s Neighbourhood Food Collection. It’s inspirational to see over a third of the UK now supporting their local food charity, and we’d like to thank everyone who has donated – every can helps.”

Greg Sage, Community Director for Tesco, commented: “The response from our customers, colleagues and volunteers has been incredible and it’s thanks to them that our fifth Neighbourhood Food Collection has broken records. I’d like to thank everyone who took part – they are the ones who made it all happen. It’s really encouraging that people across the UK see Food Poverty as an important issue and continue to provide for those in need.”

For more information please contact the Tesco Press Office on
01992 644645
We are a team of over 500,000 people in 12 markets dedicated to providing the most compelling offer to our customers.

Sainsbury’s celebrates 20 years of the food donation network Fareshare it founded with homelessness charity Crisis

Sainsbury’s is celebrating 20 years of Fareshare – the food donation network it founded with homelessness charity Crisis – with a brand new summit that sees fresh fruit and veg donated directly by the UK’s major food producers.

LONDON, 2014-12-8 — /EPR Retail News/ — The summit – launching officially on Monday 8th December – was created last year with heavyweight fruit and vegetable suppliers including Mack and Thanet Earth, which form part of the Fresca Group, the UK’s largest independent fresh produce supplier.

As a result, over a million meals of fresh fruit and vegetables have been donated directly from the field by supermarket’s fruit and vegetable producers so far.

It’s made Sainsbury’s the first retailer in the UK to get suppliers working with food charities direct.

Mark Varney, Director of Food for Fareshare said: “Sainsbury’s has shown strong leadership in its own operation through its food donations – so we’re delighted that they’re encouraging suppliers to do the same.

“Through the summit, our charity partners have received an extra 495 tonnes of fruit and vegetables – nutrition they so desperately require to offer balanced meals to people who really need them.”

Fresca Fresh Produce Operations Director Tim Espley said: “By the very nature of our products there will always be a certain amount we can’t pack for a retailer but which is still perfectly edible. Instead of sending it for composting or animal feed, we prefer to work with Fareshare where we can.

“It has involved us changing practices in our packing factories and our warehouses but it’s very rewarding to hear feedback from the charitiy on how valued our products are.

“The run up to Christmas is our busiest period but working together with Fareshare we’ll be donating as much as we can to support their work.”

Head of Sustainability Paul Crewe said: “Sainsbury’s has pioneered retailer food donations for twenty years. But we wanted to do even more.

“By linking in our major suppliers we’ve created an entirely new way to help those who are in need – particularly offering more crucial nutrition through fruit and veg.

“This isn’t about donating a few dented cans – this is a huge process that makes sure that every bit of surplus food that’s fit for human consumption in our supply chain gets to people who need it.”

Notes to editors

About Fareshare
FareShare was co-founded by Sainsbury’s and homeless charity Crisis in 1994 and operated as a division of Crisis for 10 years. Fareshare supports 1,711 local charities and community projects across the UK including breakfast and afterschool clubs for vulnerable children, lunch clubs for elderly people living in isolation, homeless hostels, drop in centres for people recovering from addictions and charities helping people with mental health issues, physical disabilities and health related issues. Through its charity members Fareshare are helping to feed over 82,000 people every day, redistributing more than 6,400 tonnes of food a year which helps to provide around 13.2 million meals a year.

Donating fruit and veg

Sainsbury’s has become the first retailer that encouraged its suppliers to work with FareShare and authorised them to divert own branded surplus products to the charity’s network.

Since April 2013 and as a direct result of these introductions to suppliers by Sainsbury’s, FareShare has captured over 495 tonnes of surplus fresh produce from fresh produce suppliers that would otherwise be considered waste. This has been instrumental in providing valuable nutritional products to vulnerable people accessing food at projects supplied by FareShare.

FareShare’s partnership with Sainsbury’s is helping the business to reduce the amount of surplus food and the associated costs involved of returning surplus stock back through the supply chain. In addition, Sainsbury’s works closely with suppliers to encourage the reduction on surplus products appearing, resulting in a more effective and efficient supply chain overall.

Sainsbury’s is a zero waste to landfill retailer and all food fit for human consumption that isn’t sold in stores goes to charity partners. Sainsbury’s also runs ‘ugly fruit and veg‘ campaigns in store to help customers.

Fresca Group’s Thanet Earth

Fresca Group is the UK’s largest independent fresh produce supplier, with Mack and Thanet Earth.

Sainsbury’s were instrumental in linking FareShare with fresh produce supplier Thanet Earth. This has meant that since 2013, FareShare has received good quality fresh surplus tomatoes, peppers and cucumbers from Thanet Earth’s greenhouses in Kent.

When spare product becomes available and it’s perfectly good for eating they now offer it to FareShare. FareShare then redistribute it to charities across the UK who transform it into nutritious meals for vulnerable people.

By encouraging Thanet Earth to work with FareShare, Sainsbury’s have unlocked a substantial source of surplus vegetables for people in need in the UK.


Sainsbury’s celebrates 20 years of the food donation network Fareshare it founded with homelessness charity Crisis

Sainsbury’s celebrates 20 years of the food donation network Fareshare it founded with homelessness charity Crisis

Belk, Inc., announces operating results for its fiscal third quarter and nine months ended November 1, 2014

CHARLOTTE, NC, 2014-12-8 — /EPR Retail News/ — Belk, Inc., the nation’s largest family owned and operated fashion department store company, today announced operating results for its fiscal third quarter and nine months ended November 1, 2014.

Tim Belk, chairman and chief executive officer of Belk, Inc., said, “Third quarter sales were essentially flat, in line with most of the department store sector. The slowdown in sales, coupled with the increase in expense associated with our ongoing strategic investments, resulted in a year-over-year decline in profits. Our eCommerce business continues to show strong growth, and we were pleased with the opening of two new stores and three expanded and remodeled flagships in October. We believe we are well positioned for the holiday season and are encouraged by the prospects for an improved trend.”

Net Sales

Net sales for the 13-week period were $859.5 million, 0.1% below the prior-year period. On a comparable store basis, net sales were -0.8%. The best performing merchandise categories during the quarter included active wear across all categories, women’s contemporary and modern sportswear, men’s and kid’s apparel.

The company’s online sales from belk.com increased 46% for the period. The “Yes! We Have It” item locator program and store fulfillment of digital sales initiatives are contributing to this growth by providing customers with expanded access to the Company’s inventories.

Year-to-date sales increased 0.2 % to $2.72 billion compared to the same 39-week period last year. On a comparable store sales basis, sales were -0.1%. eCommerce sales grew 44% for the period.

Net Loss/Net Income

The company’s third quarter net loss was $8.2 million compared to net income of $3.6 million for the same prior-year period. Net income year-to-date was $41.7 million compared to $62.2 million for the same 39-week period last year. Excluding non-comparable items, the net loss for the quarter was $8.5 million compared to net income of $4.6 million for the prior year, and net income year-to-date was $40.9 million versus $63.6 million for the prior year. A reconciliation of net income to net income excluding non-comparable items is provided at the end of this release.

New Stores, Store Expansions and Remodels

Belk celebrated the opening of two new fashion stores on October 15, 2014 – at Juban Crossing in Denham Springs, LA and a new flagship store at Bridge Street Town Centre in Huntsville, AL. In addition, the company completed the expansion and remodels of two new flagship stores at Friendly Center in Greensboro, NC and Mount Pleasant Towne Centre in Mount Pleasant, SC and an existing flagship store at Riverchase Galleria in Hoover, AL.

Investments in Strategic Initiatives

Belk has planned investments totaling more than $700 million over a three-year period that began in fiscal 2014 for key strategic initiatives focused on:

  • A comprehensive Omnichannel initiative that will enable Belk to connect seamlessly with customers regardless of where they are, offer multiple ways to provide what they want, enhance their in-store shopping experience, and create more personalized customer interactions;
  • Creating compelling shopping environments and driving sales by investing in a flagship strategy, opening stores in existing and new markets, and expanding and remodeling existing stores and key merchandise departments;
  • Supply chain initiatives that align distribution capabilities to maximize sales and service;
  • Information technology that delivers new business capabilities for growth and profitability; and
  • Excelling in customer service.

About Belk, Inc.
Charlotte, NC-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 300 Belk stores located in 16 Southern states and a growing digital presence.  Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, NC, the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ended Feb. 1, 2014, the company and its associates, customers and vendors donated more than $20.9 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.


To provide clarity in measuring Belk’s financial performance, Belk supplements the reporting of its consolidated financial information under generally accepted accounting principles (GAAP) with the non-GAAP financial measure of “net income excluding non-comparable items.” Belk believes that “net income excluding non-comparable items” is a financial measure that emphasizes the Company’s core ongoing operations and enables investors to focus on period-over-period operating performance. It is among the primary indicators Belk uses in planning and operating the business and forecasting future periods, and Belk believes this measure is an important indicator of recurring operations because it excludes items that may not be indicative of or are unrelated to core operating results. Belk also excludes such items when evaluating company performance in connection with its incentive compensation plans. In addition, this measure provides a better baseline for modeling future earnings expectations and makes it easier to compare Belk’s results with other companies that operate in the same industry. Net income is the most directly comparable GAAP measure. The non-GAAP measure of “net income excluding non-comparable items” should not be considered in isolation or as a substitute for GAAP net income.

Certain statements made in this news release, and other written or oral statements made by or on behalf of the Company, may constitute forward-looking statements. Statements regarding future events and developments and the Company’s future performance, as well as our expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “intend,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “continue” or other similar words.

Forward-looking statements include information concerning possible or assumed future results from merchandising, marketing and advertising in our stores and through the Internet, general economic conditions, and our ability to be competitive in the retail industry, our ability to execute profitability and efficiency strategies, our ability to execute growth strategies, anticipated benefits from our strategic initiatives to strengthen our merchandising and planning organizations, anticipated benefits from our belk.com website and our eCommerce fulfillment center, the expected benefits of new systems and technology, and the anticipated benefits under our Program Agreement with GE Capital Retail Bank (“GECRB”). These forward-looking statements are subject to certain risks and uncertainties that may cause our actual results to differ significantly from the results we discuss in such forward-looking statements.

We believe that these forward-looking statements are reasonable. However, you should not place undue reliance on such statements. Any such forward-looking statements are qualified by the following important risk factors and other risks which may be disclosed from time to time in our filings that could cause actual results to differ materially from those predicted by the forward-looking statements. Forward-looking statements relate to the date initially made.

Risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements include, but are not limited to:

• Economic, political and business conditions, nationally and in our market areas, including rates of economic growth, interest rates, inflation or deflation, consumer credit availability, levels of consumer debt and bankruptcies, tax rates and policy, unemployment trends, a health pandemic, catastrophic events, potential acts of terrorism and threats of such acts and other matters that influence consumer confidence and spending;

• Our ability to anticipate the demands of our customers for a wide variety of merchandise and services, including our predictions about the merchandise mix, quality, style, service, convenience and credit availability of our customers;

• Unseasonable and extreme weather conditions in our market areas;

• Seasonal fluctuations in quarterly net income due to the significant portion of our revenues generated during the holiday season in the fourth fiscal quarter and the significant amount of inventory we carry during that time;

• Competition from other department and specialty stores and other retailers, including luxury goods retailers, general merchandise stores, Internet retailers, mail order retailers and off-price and discount stores, in the areas of price, merchandise mix, quality, style, service, convenience, credit availability and advertising;

• Any significant damage to our brand or reputation which could negatively impact sales, diminish customer trust and generate negative sentiment;

• Our ability to prevent a security breach that results in the unauthorized disclosure of Company, employee or customer information;

• Loss of key management or qualified employees or an inability to attract, retain and motivate additional highly skilled employees;

• Our ability to successfully implement our new information technology platform that will impact our primary merchandising, planning and core financial process;

• Our ability to manage multiple significant change initiatives simultaneously;

• Our ability to effectively use advertising, marketing and promotional campaigns to generate high customer traffic in our stores and through online sales;

• Variations in the amount of vendor allowances received;

• Our ability to successfully operate our website, and our fulfillment facilities and manage our social community engagement by providing a broader range of our information online, including current sales promotions and special events;

• Our ability to successfully develop and maintain a relevant and reliable Omnichannel experience for our customers;

• Our ability to find qualified vendors from which to source our merchandise and our ability to access products in a timely and efficient manner from a wide variety of domestic and international vendors; and to deliver in a timely and cost-efficient manner;

• Increases in the price of merchandise, raw materials, fuel and labor or their reduced availability;

• The income we receive from, and the timing of receipt of, payments from GECRB, the operator of our private label credit card business, which depends upon the amount of purchases made through the proprietary credit cards, changes in customers’ credit card use, and GECRB’s ability to extend credit to our customers;

• Our ability to manage our expense structure;

• Our ability to continue to open new stores, or to remodel or expand existing stores, including the availability of existing retail stores or store sites on acceptable terms and our ability to successfully execute our retailing concept in new markets and geographic regions;

• Our ability to manage risks associated with owning and leasing real estate;

• The efficient and effective operation of our distribution network, and information systems to manage sales, distribution, merchandise planning and allocation functions;

• The effectiveness of third parties in managing our outsourced business;

• Changes in federal, state or local laws and regulations; and

• Our ability to comply with debt covenants, which could adversely affect our capital resources, financial condition and liquidity.

For a detailed description of the risks and uncertainties that might cause our results to differ from those we project in our forward-looking statements, we refer you to the section captioned “Risk Factors” in our annual report on Form 10-K for the fiscal year ended February 1, 2014 that we filed with the SEC on April 15, 2014. Our other filings with the SEC may contain additional information concerning the risks and uncertainties listed above, and other factors you may wish to consider. Upon request, we will provide copies of these filings to you free of charge.

Our forward-looking statements are based on current expectations and speak only as of the date of such statements.

For further information: Ralph Pitts, ralph_pitts@belk.com, 704-426-8402

Russian food retailer X5 Retail Group N.V. announces the cessation of active commercial operations at E5.RU, the Company’s online retail channel

Amsterdam, 2014-12-8 — /EPR Retail News/ — X5 Retail Group N.V., (‘X5’ or the ‘Company’), a leading Russian food retailer (LSE ticker: ‘FIVE’), announced today the cessation of active commercial operations at E5.RU (“E5”), the Company’s online retail channel, effective 1 January 2015.

The Company continues to evaluate the role technology and innovation will play in complementing the value propositions of the current “brick-and-mortar” food retail business as well as delivering better services and value to customers.

E5 will cease taking online orders as of 10 December 2014 while the Company will continue to honor any obligations the online retailer has to customers. E5.RU was launched by X5 in February 2012. The online retailer recorded net Russian Rouble sales of 502 million and 1,431 million in 2012 and 2013, respectively, or 0.1% and 0.2% of the Company’s total net retail sales for the respective periods.

Note to Editors:
X5 Retail Group N.V. (LSE: FIVE, Moody’s – “B2”, S&P – “B+”) is a leading Russian food retailer. The Company operates several retail formats: the chain of economy class stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand, Express convenience stores under various brands and the online retail channel under the E5.RU brand.

At 30 September 2014, X5 had 5,005 Company-operated stores. It has the leading market position in both Moscow and St. Petersburg and a significant presence in the European part of Russia. Its store base includes 4,342 Pyaterochka economy-class stores, 389 Perekrestok supermarkets, 81 Karusel hypermarkets and 193 Express stores. The Company operates 31 DCs and 1,528 Company-owned trucks across the Russian Federation.

For the full year 2013, revenue totaled RUB 534,560 mln, EBITDA reached RUB 38,350 mln, and net income amounted to RUB 10,984 mln. In 9M 2014, revenue totaled RUB 452,285 mln, EBITDA reached RUB 32,365 mln, and net income amounted to RUR 9,869 mln.

X5’s Shareholder structure is as follows: Alfa Group – 47.86%, founders of Pyaterochka – 14.43%, X5 Directors – 0.03%, treasury shares – 0.04%, free float – 37.64%.

Gregory Madick
Executive IR Director
Tel.: +7 (495) 502-9783
e-mail: Gregory.Madick@x5.ru

Ingles Markets, Incorporated reported record sales of $3.84 billion for fiscal 2014, its 50th consecutive year of sales growth

ASHEVILLE, N.C., 2014-12-8 — /EPR Retail News/ — Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported record sales of $3.84 billion for fiscal 2014, its 50th consecutive year of sales growth.  For the full fiscal years, net income rose to $51.4 million in 2014 compared with $20.8 million in 2013. Fiscal 2013 included a $26.2 million after tax charge for debt extinguishment costs incurred during the third quarter of fiscal 2013.  These costs were incurred as part of a refinancing of the Company’s major credit arrangements on more favorable terms.

Net income for the fourth quarter totaled $17.6 million, 13.1% higher than net income of $15.6 million for the fourth quarter of fiscal 2013.  Total sales increased 1.7% in the fourth quarter of fiscal 2014 and 2.6% for the fiscal 2014 compared with the comparable periods in fiscal 2013.

Commenting on the results, Robert P. Ingle II, Chief Executive Officer, said, “Fifty years of sales growth is quite an accomplishment for the Company, and we are grateful for our loyal customer base. We will continue to improve our customer experience through providing a great selection of products delivered with convenience and value.”

Fourth Quarter Results

Net sales rose to $964.8 million for the quarter ended September 27, 2014, compared with $948.9 million for the comparable quarter in fiscal 2013.  Comparable store sales, excluding gasoline, increased 0.9%. Gallons and dollars of gasoline sold increased while the average per gallon sales price was substantially the same for both fourth quarter periods.

Gross profit for the fourth quarter of fiscal 2014 increased to $220.4 million, compared with $210.3 million for the fourth quarter of fiscal 2013.  Gross profit as a percentage of sales was 22.8% and 22.2% for the 2014 and 2013 fourth quarters, respectively.  Grocery segment gross margins, excluding gasoline, increased 84 basis points comparing the fourth quarter of fiscal 2014 with the fourth quarter of fiscal 2013.

Operating and administrative expenses for the September 2014 quarter totaled $184.1 million.  Operating and administrative expenses as a percentage of sales were 19.1% for the fourth quarter of fiscal 2014, compared with $178.9 million or 18.9% of sales for the fourth quarter of fiscal 2013.  Ingles operated 202 stores and approximately 11.1 million square feet of store space at the end of fiscal 2014 and 203 stores and approximately 11.1 million square feet of store space at the end of fiscal 2013.  During fiscal 2014, the Company opened one new store and closed two stores.  The Company’s other store improvement capital projects this year focused on improved merchandising, convenience and the range of products offered to our customers.

Interest expense totaled $11.5 million for the fourth quarter of fiscal 2014, compared with $11.9 million for the fourth quarter of fiscal 2013.  Total debt was $937.3 million at the end of fiscal 2014 compared with $912.5 million at the end of fiscal 2013.

The Company’s effective tax rate was 30.2% for the fourth quarter of fiscal 2014, compared with 23.8% for the fourth quarter of fiscal 2013.  The unusually low effective tax rate for the fourth quarter of 2013 reflects the full year impact of 2013’s decrease in certain state tax rates and to the greater influence of tax credits on pretax income compared with the current fiscal year.

Net income for the September 2014 quarter rose to $17.6 million, compared with net income of $15.6 million for the September 2013 quarter.  Basic and diluted earnings per share for the Company’s publicly traded Class A common stock increased to $0.82 and $0.79 per share, respectively, for the September 2014 quarter, compared with $0.71 and $0.68 per share, respectively, for the September 2013 quarter.

Annual Results  

Net sales were a record $3.84 billion for the fiscal year ended September 2014, an increase of $97.4 million, or 2.6%, from $3.74 billion for the fiscal year ended September 2013.  Fiscal year 2014 was Ingles’ 50thconsecutive year of record sales.  Comparing fiscal 2014 with the previous year, comparable store sales increased 0.9%, excluding gasoline sales. Gallons and dollars of gasoline sold increased while the average per gallon sales price decreased slightly comparing fiscal 2014 with fiscal 2013.

Gross profit for the fiscal year ended September 27, 2014, increased $17.4 million, or 2.1%, to $845.2 million, or 22.0% of sales, compared with $827.8 million, or 22.1% of sales, for the fiscal year ended September 28, 2013.  Grocery segment gross profit as a percentage of total sales, excluding gasoline, increased 36 basis points comparing fiscal 2014 with fiscal 2013.

Operating expenses increased $16.1 million in fiscal 2014, compared with fiscal 2013, and were 18.9% of sales for fiscal 2014 and for fiscal 2013.  Excluding gasoline sales and associated gasoline operating expenses (primarily payroll), operating expenses were 22.3% of sales for fiscal 2014, compared with 22.1% for fiscal 2013.

Gains/losses on asset disposals and other income totaled $3.8 million for fiscal 2014, compared with $7.2 million for fiscal 2013.  The decrease is attributable to a $3.9 million gain on the sale of a former store property in fiscal 2013.

Interest expense decreased $12.5 million for the year ended September 27, 2014 to $46.6 million, compared with $59.1 million for the year ended September 28, 2013. Interest expense decreased due to the refinancing of existing debt at lower rates.

In June 2013, the Company issued $700 million of Senior Notes due 2023 at a rate of 5.75%.  Proceeds were used to repay $575 million of Senior Notes due 2017 that had an effective rate of 9.5%, repay certain other debt, and pay the costs of the transaction, including prepayment penalties on the 9.5% notes.  These prepayment penalties and the write off of other costs on repaid debt totaled $26.2 million after tax and were charged to earnings during the June 2013 quarter.

Income tax expense as a percentage of pre-tax income was 35.5% for fiscal 2014 compared with 20.8% for fiscal 2013.  The previously mentioned debt extinguishment costs resulted in 2013 tax credits offsetting a greater portion of fiscal 2013 income, resulting in a lower fiscal 2013 effective tax rate.

Net income for fiscal 2014 totaled $51.4 million, compared with net income of $20.8 million for fiscal 2013.  Basic and diluted earnings per share for the Company’s publicly traded Class A common stock were $2.36 and $2.28 per share, respectively, for the year ended September 27, 2014, compared with $0.89 and $0.87 per share, respectively, for the year ended September 28, 2013.

Capital expenditures totaled $110.1 million and $101.5 million for fiscal 2014 and 2013, respectively.   Major capital expenditures for fiscal 2014 included a new store, store remodels and the opening of 9 fuel stations.

The Company has a line of credit facility totaling $175.0 million with $134.1 million available (after deducting outstanding borrowings and letters of credit) at September 27, 2014.  The Company is in compliance with all of its debt agreements and has significant unencumbered assets at September 27, 2014.

View Unaudited Financial Highlights

The comments in this press release contain certain forward-looking statements.  Ingles undertakes no obligation to publicly release any revisions to any forward-looking statements contained herein to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.  Ingles’ actual results may differ materially from those projected in forward-looking statements made by, or on behalf of, Ingles. Factors that may affect results include changes in business and economic conditions generally in Ingles’ operating area, pricing pressures, increased competitive efforts by others in Ingles’ marketing areas and the availability of financing for capital improvements. A more detailed discussion of these factors may be found in reports filed by the Company with the Securities and Exchange Commission including its 2014 Form 10-K and Forms 10-Q.

Ingles Markets, Incorporated is a leading supermarket chain with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 202 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Company supermarkets and unaffiliated customers. The Company’s Class A Common Stock is traded on The NASDAQ Stock Market’s Global Select Market under the symbol IMKTA. For more information, visit Ingles’ website www.ingles-markets.com.

Ingles Markets, Incorporated – Post Office Box 6676, Asheville, NC 28816 – http://www.ingles-markets.com

CBRE research: Hong Kong, New York, Paris, London and Tokyo retained their positions as the world’s most expensive high-street retail destinations in Q3 2014

Hong Kong Remains World’s Most Expensive Retail Market by Substantial Margin

​Los Angeles, 2014-12-8 — /EPR Retail News/ — Hong Kong, New York, Paris, London and Tokyo retained their positions as the world’s most expensive high-street retail destinations in Q3 2014, according to new research from global property advisor CBRE Group, Inc.

CBRE’s quarterly ranking of the world’s prime global retail markets saw little change in Q3 2014, with global and hot-growth markets continuing to lead the list. Retailers across all markets continue to target high-end shopping areas and international tourists.

“Even with the somewhat gloomy economic headlines, consumer demand is reasonably firm in most markets,” said Richard Barkham, Global Chief Economist, CBRE. “We can expect to see a continuation of the post-crisis pattern of periods of optimism followed by periods of pessimism. The Americas will see stronger growth than the Eurozone, as the latter has been constrained by restructuring in the banking sector as well as overly tight fiscal and monetary policy. Asia Pacific will record slightly lower growth in 2014 over 2013, but is still expected to outpace the other two regions by a considerable margin.”

Hong Kong (US$4,327 per sq. ft. per annum) maintained a wide lead over the number-two market, New York (US$3,570 per sq. ft. per annum)—where prime rent along Fifth Avenue is at record levels. Rents in Hong Kong remained stable compared to Q2 2014.

The “Occupy Central” protest, which began late in the third quarter, has not yet materially impacted retail rents in Hong Kong,” said Henry Chin, Head of Research, Asia Pacific, CBRE. “We did see lower shopper footfall in affected areas in October; however, the Christmas shopping season will provide some support to retail sales in the final quarter.”

A large rental spread also exists between New York and the two leading European markets: Paris (US$1,331per sq. ft. per annum) and London (US$1,328 per sq. ft. per annum). The gap between the top four markets and the rest of the top 10 widens significantly.


While the top four cities continue to hold their leading positions, there was some movement lower in the top 10 rankings. Rents rose in Tokyo (US$1,076 per sq. ft. per annum), and fell in Zurich ($895 per sq. ft. per annum) and Sydney (US$730 per sq. ft. per annum), resulting in the cities changing positions this quarter.

In Q3 2014, Tokyo continued to lead rental growth in Asia Pacific, with the continued lack of space in major high-street retail locations pushing up retail rents 7.7 percent quarter-over-quarter. Strong rental growth was also recorded in a number of emerging markets in the region, particularly in India and Vietnam, reflecting the recent resumption of structural economic reforms following the general lack of progress over the past few years. Highlights included a strong 5.9 percent quarter-over-quarter rental growth in Ho Chi Minh City and a 4.0% quarter-over-quarter rental growth in Mumbai.

Retailer demand for prime locations in major cities across EMEA remained firm, but rental growth has tailed off, leaving most markets flat in Q3 2014. Hamburg (up 6.5 percent quarter-over-quarter) and Munich (up 5.6 percent quarter-over-quarter) were among the few markets to record growth, reflecting the fact that, despite the recent economic headlines, domestic consumption in Germany remains firm.

In the U.S., four of the 12 prime retail corridors tracked by CBRE Research saw quarter-over-quarter increases in prime rents during Q3 2014. Prime asking rents along Rodeo Drive in Los Angeles (US$640 per sq. ft. per annum) continue to be the highest in the U.S. outside of Manhattan, and are expected to record further increases over the remainder of 2014, as there continues to be a lack of available space. Miami (up 3.2 percent quarter-over-quarter), Washington, D.C. (up 2.2 percent quarter-over-quarter), and New York (up 2.0 percent quarter-over-quarter) also reported increasing in prime asking rents in Q3 2014. In Canada, high-street rents were unchanged in Montreal, Vancouver and Toronto, and have remained at their current level since Q4 2013.

Note to editors/journalists:  To speak with a CBRE retail expert please email robert.mcgrath@cbre.com orcorey.mirman@cbre.com

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

For Further Information:

Robert Mcgrath
Director, Sr
T +1 212 9848267

Corey Mirman
Specialist, Sr Communication
T +1 212 9846542