Gross profit for the June 2013 quarter increased 2.1% to $210.3 million, an increase of $4.4 million compared with the third quarter of last fiscal year. Gross profit, as a percentage of sales, rose to 22.6% for the June 2013 quarter compared with 22.4% for the June 2012 quarter. The improvement in gross profit and margin were driven by higher sales, improved product mix and improved operating efficiencies from the distribution facility opened in June 2012. Excluding gasoline sales, grocery segment gross profit as a percentage of sales increased 49 basis points for the three months ended June 29, 2013, compared with the same quarter of last fiscal year.Operating and administrative expenses for the June 2013 quarter totaled $177.8 million, an increase of $5.5 million, or 3.2% over the June 2012 quarter. Excluding gasoline sales and associated operating expenses (primarily payroll), operating and administrative expenses as a percentage of sales were 22.5% of sales for the third fiscal quarter of 2013 compared with 22.0% for the third fiscal quarter of 2012. Most of the increase for the June 2013 quarter was driven by the Company’s store remodeling program which resulted in higher personnel costs and depreciation expense.
Ingles Markets, Incorporated Announces Financial Results For Third Quarter And Nine Months Of Fiscal 2013
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