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ASHEVILLE, N.C.--(BUSINESS WIRE)--November 24, 2021--Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and twelve months ended September 25, 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 had a successful year amidst ongoing difficulties caused by COVID-19. During this past year, we are thankful for our associates who continued to provide customers with needed products and services.”
Fourth Quarter Results
Net sales totaled $1.34 billion for the quarter ended September 25, 2021, an increase of 11.6% compared with $1.20 billion for the quarter ended September 26, 2020.
Gross profit for the fourth quarter of fiscal 2021 totaled $341.3 million, or 25.6% of sales. Gross profit for the fourth quarter of fiscal 2020 was $324.5 million, or 27.1% of sales.
Operating and administrative expenses for the September 2021 quarter totaled $248.9 million compared with $236.8 million for the September 2020 quarter. Most of the increase was due to higher personnel costs incurred to support higher sales and additional safety measures related to the pandemic.
Interest expense totaled $6.2 million for the fourth quarter of fiscal 2021 compared with $8.7 million for the fourth quarter of fiscal 2020. Total debt at the end of fiscal 2021 was $589.5 million compared with $605.5 million at the end of fiscal 2020. Interest expense declined as the Company continues to reduce debt and has refinanced debt at lower rates over the past twelve months.
Net income totaled $71.7 million for the September 2021 quarter compared with $57.9 million for the September 2020 quarter. Basic and diluted earnings per share for Class A Common Stock were $3.86 and $3.78, respectively, for the quarter ended September 25, 2021, compared with $2.94 and $2.86, respectively, for the quarter ended September 26, 2020. Basic and diluted earnings per share for Class B Common Stock were each $3.51 for the quarter ended September 25, 2021, and $2.67 for the quarter ended September 26, 2020.