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Ingles Markets posts sales, earnings gains in Q4

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ASHEVILLE, N.C. — Ingles Markets Inc. on Wednesday reported increased sales and net income for the three- and 12-month periods ended September 25.

Net sales totaled $1.34 billion for the quarter, an increase of 11.6% compared with the $1.2 billion recorded in the prior-year period.

Net income totaled $71.7 million for the September 2021 quarter compared with $57.9 million for the September 2020 quarter. Basic and diluted earnings per share for Class A Common Stock were $3.86 and $3.78, respectively, for the quarter, up from $2.94 and $2.86 for the 2020 quarter. Basic and diluted earnings per share for Class B Common Stock were each $3.51 for the quarter, up from $2.67 for the year-ago quarter.

“We had a successful year amidst ongoing difficulties caused by COVID-19,” company chairman Robert Ingle said. “During this past year, we are thankful for our associates who continued to provide customers with needed products and services.”

Net sales for the fiscal year totaled $4.99 billion, up 8.2% compared with the $4.61 billion for the prior fiscal year.

Gross profit for the fiscal year totaled $1.30 billion, or 26.1% of sales, up from $1.20 billion, or 26.0% of sales, last year. Operating and administrative expenses totaled $963.3 million, up from $921.7 million in 2020. Net income totaled $249.7 million for the year, up from $178.6 million last year.


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