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Ingles Markets, Incorporated Announces Increased Sales And Net Income For Third Quarter And Nine Months Of Fiscal 2012

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three and nine month periods ended June 23, 2012, compared with the same periods of the previous year. Third quarter 2012 net sales rose to $917.8 million, compared with $911.0 million for the previous year. Net income totaled $13.1 million for the third quarter of fiscal year 2012, compared with $12.7 million for the same period of last fiscal year. Included in last year’s quarterly net income was a $2.8 million pre-tax gain on a property disposal. If that gain is excluded, pre-tax income increased 18.2% for the comparative third quarters. For the first nine months of fiscal 2012, net sales rose 2.4% to $2.72 billion and net income increased 7.4% to $30.2 million compared with the first nine months of fiscal 2011.

Robert P. Ingle II, chief executive officer, stated, “We opened our new distribution center in June and we are pleased with the initial results. We are also pleased with our sales and profit growth for the third quarter and the first nine months of fiscal year 2012.”

Third Quarter Results

Net sales rose 0.7% to $917.8 million for the three months ended June 23, 2012, compared with $911.0 million for the three months ended June 25, 2011. Ingles operated 203 stores and 11.0 million retail square feet at the end of both June 2012 and June 2011. Excluding gasoline, where retail prices were approximately ten cents per gallon lower in the June 2012 quarter compared with the June 2011 quarter, grocery segment comparable store sales increased 2.1%.

Gross profit for the June 2012 quarter increased 2.3% to $205.9 million, an increase of $4.6 million compared with the third quarter of last fiscal year. The increase in gross profit dollars is attributable to increased sales and an increase in gross profit margin. Gross profit, as a percentage of sales, rose to 22.4% for the June 2012 quarter compared with 22.1% for the June 2011 quarter. Excluding gasoline sales, grocery segment gross profit as a percentage of sales was level over the comparative three-month periods at 26.1% for the three months ended June 23, 2012, compared with 26.0% for the same quarter of last fiscal year.

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