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EX - 99.1 2 a52423375ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Ingles Markets , Incorporated Reports Sales and Net Income for Second Quarter and First Six Months of Fiscal 2021 ASHEVILLE , N.C .-- ( BUSINESS WIRE ) -- May 5 , 2021 -- Ingles Markets , Incorporated ( NASDAQ : IMKTA ) today reported increased sales and net income for the three and six months ended March 27 , 2021 . 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 continue to be pleased with our results and wish to thank all our associates for their dedication and hard work . " Second Quarter Results Net sales totaled $ 1.18 billion for the quarter ended March 27 , 2021 , an increase of 3.4 % compared with $ 1.14 billion for the quarter ended March 28 , 2020 . Gross profit for the second quarter of fiscal 2021 totaled $ 310.5 million , or 26.2 % of sales . Gross profit for the second quarter of fiscal 2020 was $ 291.6 million , or 25.5 % of sales . Operating and administrative expenses for the March 2021 quarter totaled $ 236.9 million compared with $ 228.4 million for the March 2020 quarter . Most of the increase was due to higher costs incurred to support additional safety measures related to the pandemic . Interest expense totaled $ 6.2 million for the three - month period ended March 27 , 2021 , compared with $ 10.2 million for the three - month period ended March 28 , 2020. Total debt at the end of March 2021 was $ 647.8 million compared with $ 842.1 million at the end of March 2020. The Company continues to reduce higher rate debt and has refinanced debt at lower rates over the past twelve months . Net income totaled $ 52.2 million for the three - month period ended March 27 , 2021 , compared with $ 40.3 million for the three - month period ended March 28 , 2020. Basic and diluted earnings per share for Class A Common Stock were $ 2.65 and $ 2.58 , respectively , for the quarter ended March 27 , 2021 , compared with $ 2.04 and $ 1.99 , respectively , for the quarter ended March 28 , 2020 .