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Ingles Markets, Incorporated Reports 48th Year Of Record Sales, Plus Growth In Sales And Net Income For Fourth Quarter And Fiscal Year 2012

Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported record fiscal 2012 sales of $3.71 billion, its 48 th consecutive year of sales growth. Fourth quarter sales rose 9.5% to $991.8 million and net income increased 21.1% to $13.3 million compared with the fourth quarter of fiscal 2011. Net income for fiscal year ended September 29, 2012, increased 11.2% to $43.4 million compared with $39.1 million in fiscal 2011 totals.

The full year and fourth quarter of fiscal 2012 contained 53 weeks and 14 weeks, respectively, compared with 52 weeks and 13 weeks for the full year and fourth quarter of fiscal 2011.

Grocery segment comparable store sales (excluding gasoline) increased 2.0% for the fourth quarter and 1.9% for the full 2012 fiscal year, respectively, over the fourth quarter of fiscal 2011 and for the full 2011 fiscal year amounts. These increases compare the 14 and 53 weeks of fourth quarter and full year 2012 with the corresponding 14 and 53 calendar weeks of the previous year.

Commenting on the results, Robert P. Ingle II, Chief Executive Officer, said, “We are pleased that our sales have grown every year since our company started almost 50 years ago. We look forward to the next 50 years of growth and profitability for our customers and shareholders.”

The Company will accelerate the payment of its January quarterly dividend of $0.165 per share on its publicly traded Class A common stock and $0.15 per share on its Class B common stock. The Company’s Board of Directors also declared a special dividend of $0.66 per share on its publicly traded Class A common stock and $0.60 per share on its Class B common stock. Both dividends will be paid on December 31, 2012, to shareholders of record on December 21, 2012.

Fourth Quarter Results

Net sales rose 9.5% to $991.8 million for the quarter ended September 29, 2012, compared with $905.8 million for the comparable quarter in fiscal 2011. Total sales comparisons are affected by the difference in the number of weeks in the comparative quarters. Comparing the 14 weeks of the fourth fiscal quarter of 2012 with the corresponding 14 calendar weeks of the previous year quarter, grocery segment comparable store sales increased 2.0%. The growth in grocery segment sales benefited from increases in average weekly customer visits and in the average purchase amount compared with the fourth quarter of fiscal 2011. Adjusting for the difference in weeks, gallons of gasoline sold increased while the average price per gallon dropped slightly.

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