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EX - 99.1 2 a52373229ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Ingles Markets , Incorporated Reports Sales and Net Income for First Quarter Fiscal 2021 ASHEVILLE , N.C .-- ( BUSINESS WIRE ) -- February 4 , 2021 -- Ingles Markets , Incorporated ( NASDAQ : IMKTA ) today reported increased sales and net income for the three months ended December 26 , 2020 . The coronavirus ( COVID - 19 ) pandemic was declared a national emergency on March 13 , 2020. The pandemic has had a significant impact on the Company's operations since then . At this time the Company cannot predict the impact of the pandemic on future periods . Robert P. Ingle II , Chairman of the Board , stated , “ We are pleased with our results and we all continue to work hard to provide a safe and reliable shopping environment for our associates and customers . We are also honored to participate in the COVID - 19 vaccine distribution . " First Quarter Results Net sales totaled $ 1.19 billion for the quarter ended December 26 , 2020 , an increase of 10.4 % compared with $ 1.08 billion for the quarter ended December 28 , 2019 . Gross profit for the first quarter of fiscal 2021 totaled $ 314.2 million , or 26.4 % of sales . Gross profit for the first quarter of fiscal 2020 was $ 257.5 million , or 23.9 % of sales . Operating and administrative expenses for the December 2020 quarter totaled $ 238.2 million compared with $ 222.0 million for the December 2019 quarter . Most of the increase was due to higher personnel costs incurred to support additional safety measures related to the pandemic . Interest expense totaled $ 6.4 million for the first quarter of fiscal 2021 compared with $ 11.9 million for the first quarter of fiscal 2020 . Total debt at the end of December 2020 was $ 587.9 million compared with $ 850.0 million at the end of December 2019. The Company continues to reduce higher rate debt and has refinanced debt at lower rates over the past twelve months . During the December 2019 quarter , the Company incurred $ 3.7 million of debt extinguishment costs associated with $ 155 million of early repayment of debt . Net income totaled $ 53.8 million for the December 2020 quarter compared with $ 17.7 million for the December 2019 quarter . Basic and diluted earnings per share for Class A Common Stock were $ 2.73 and $ 2.66 , respectively , for the quarter ended December 26 , 2020 , compared with $ 0.90 and $ 0.87 , respectively , for the quarter ended December 28 , 2019 .