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EX - 99.1 2 a52472027ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Ingles Markets , Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2021 ASHEVILLE , N.C .-- ( BUSINESS WIRE ) -- August 5 , 2021 -- Ingles Markets , Incorporated ( NASDAQ : IMKTA ) today reported increased sales and net income for the three and nine months ended June 26 , 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 respond well to ongoing challenges with labor supply as well as some disruptions to product availability and distribution . We appreciate the hard work and dedication of our associates to maintain high levels of customer service in the face of these challenges . " Third Quarter Results Net sales totaled $ 1.28 billion for the quarter ended June 26 , 2021 , an increase of 7.4 % compared with $ 1.19 billion for the quarter ended June 27 , 2020 . Gross profit for the June 2021 quarter totaled $ 337.5 million , or 26.4 % of sales . Gross profit for the June 2020 quarter was $ 324.7 million , or 27.3 % of sales . Operating and administrative expenses for the June 2021 quarter totaled $ 239.4 million compared with $ 234.6 million for the June 2020 quarter . Most of the increase was due to higher costs incurred to support increased sales . Interest expense totaled $ 5.5 million for the three - month period ended June 26 , 2021 , compared with $ 9.7 million for the three - month period ended June 27 , 2020. In June 2021 , the Company issued $ 350 million of 4.00 % Senior Notes due in 2031. Proceeds were used to redeem in July 2021 the remaining $ 295 million of 5.75 % Senior Notes due in 2023. The Company continues to reduce higher rate debt and has refinanced debt at lower rates over the past twelve months . Net income totaled $ 72.0 million for the three - month period ended June 26 , 2021 , compared with $ 62.8 million for the three - month period ended June 27 , 2020. Basic and diluted earnings per share for Class A Common Stock were $ 3.88 and $ 3.79 , respectively , for the quarter ended June 26 , 2021 , compared with $ 3.18 and $ 3.10 , respectively , for the quarter ended June 27 , 2020. Basic and diluted earnings per share for Class B Common Stock were each $ 3.52 for the quarter ended June 26 , 2021 , and $ 2.89 for the quarter ended June 27 , 2020 .