Business
Ingles Markets, Incorporated Reports Sales and Net Income for Second Quarter and First Six Months of Fiscal 2021
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and six 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 six months ended March 27, 2021.\n\nThe 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.\n\nRobert 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.”\n\nSecond Quarter Results\n\nNet 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.\n\nGross 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.\n\nOperating 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.\n\nInterest 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.\n\nNet 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.\n\n\nFirst Half Results\n\nFirst half fiscal 2021 net sales totaled $2.37 billion, an increase of 6.8% compared with $2.22 billion in the first half of 2020.\n\nGross profit for the six months ended March 27, 2021, totaled $624.7 million, compared with $549.1 million for the first six months of last fiscal year. Gross profit, as a percentage of ...