Business
Ingles Markets, Incorporated Reports Results for Third Quarter And Nine Months of Fiscal 2020
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and nine months
About this update from Ingles Markets, Incorporated
[{"type":"text","content":" ASHEVILLE, N.C.--(BUSINESS WIRE)--\nIngles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and nine months ended June 27, 2020.\n\n\nThe coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. At this time the Company cannot predict the impact of the pandemic on future periods.\n\n\nRobert P. Ingle II, Chairman of the Board, stated, “We are proud to provide service to our customers during such a disruptive time. This is made possible by the dedication of our associates, who continue to maintain store conditions at the highest level.”\n\n\nThird Quarter Results\n\n\nNet sales totaled $1.19 billion for the three months ended June 27, 2020, an increase of 12.0% compared with $1.06 billion for the three months ended June 29, 2019.\n\n\nGross profit for the June 2020 quarter totaled $324.7 million, or 27.3% of sales. Gross profit for the June 2019 quarter was $258.9 million, or 24.4% of sales.\n\n\nOperating and administrative expenses for the June 2020 quarter totaled $234.6 million, compared with $216.5 million for the June 2019 quarter. Most of the increase was due to higher personnel costs incurred to support additional safety measures related to the pandemic, including a second appreciation bonus payment to full and part-time associates.\n\n\nInterest expense totaled $9.7 million for the three-month period ended June 27, 2020, and $11.7 million for the three-month period ended June 29, 2019. Total debt at the end of June 2020 was $819.3 million, compared with $854.7 million at the end of June 2019. The Company continues to reduce debt and has refinanced debt at lower rates over the past twelve months.\n\n\nNet income totaled $62.8 million for the three-month period ended June 27, 2020, compared with $23.5 million for the three-month period ended June 29, 2019. Basic and diluted earnings per share for Class A Common Stock were $3.18 and $3.10, respectively, for the quarter ended June 27, 2020, compared with $1.19 and $1.16, respectively, for the quarter ended June 29, 2019. Basic and diluted earnings per share for Class B Common Stock were each $2.89 for the quarter ended June 27, 2020, and $1.08 for the quarter ended June 29, 2019.\n\n\n\n\nNine Month Results\n\n\nNet sales totaled $3.41 billion for the nine months ended June 27, 2020, an increase of...