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Ingles Markets, Incorporated Reports 46th Year Of Record Sales, Plus Growth In Sales And Net Income For Fourth Quarter And Fiscal Year 2010

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported fiscal 2010 sales of $3.39 billion, its 46 th consecutive year of sales growth. Fourth quarter sales rose 3.1% to $856.0 million compared with the fourth quarter of fiscal 2009. Net income for the three months and fiscal year ended September 25, 2010, both exceeded the comparable fiscal 2009 totals.

Fiscal year 2010 grocery segment sales grew 1.7% excluding gasoline sales. Fourth quarter fiscal 2010 grocery segment sales grew 2.1% compared with the fourth quarter of the prior fiscal year excluding gasoline sales.

Net income totaled $8.5 million for the three months ended and $31.7 million for the fiscal year ended September 25, 2010, compared with $5.2 million and $28.8 million for the comparable three month and fiscal year periods of 2009.

Commenting on the results, Robert P. Ingle, chief executive officer, said, “Sales have increased and more people than ever are shopping at Ingles. We’re very proud of that when everyone is competing for customers and the economic environment is not favorable.”

Fourth Quarter Results

Net sales rose 3.1% to $856.0 million for the quarter ended September 25, 2010, compared with $830.1 million for the comparable quarter in fiscal 2009. Grocery segment comparable store sales, excluding gasoline sales, rose 1.8% compared with the fourth quarter of fiscal 2009. The growth in comparable store sales benefited from a 5.4% increase in average weekly customer visits and more than offset a decrease in the average purchase amount compared with the fourth quarter of fiscal 2009. Total and comparable store sales comparisons are affected by retail gasoline prices, which were approximately 8.1% higher during the fourth fiscal quarter of 2010 compared with the prior year.

Gross profit for the fourth quarter of fiscal 2010 totaled $194.9 million, an increase of $10.1 million compared with the fourth quarter of fiscal 2009. Gross profit as a percentage of sales increased to 22.8% for the fourth quarter of fiscal 2010 compared with 22.3% for the fourth quarter of fiscal 2009. Grocery segment gross margins, excluding gasoline, also increased, from 25.0% for the fourth quarter of fiscal 2009 to 25.7% for the current-year quarter. Gross profit in the Company’s fluid dairy operations increased due to higher milk prices for the fourth quarter of fiscal 2010 compared with the comparable fiscal 2009 quarter.

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