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Ingles Markets, Incorporated Announces Financial Results For Third Quarter And Nine Months Of Fiscal 2013

As a result of the charges related to the early extinguishment of debt, the Company incurred a net loss before income taxes and recorded an income tax benefit during the third quarter of fiscal 2013. Income tax expense as a percentage of pre-tax income was 37.0% in the June 2012 quarter.

Basic and diluted loss per share for publicly traded Class A Common Stock were each $0.62 for the June 2013 quarter compared with earnings per share of $0.56 and $0.54, respectively, for the June 2012 quarter. Basic and diluted loss per share for Class B Common Stock were each $0.56 for the June 2013 quarter compared with $0.51 of basic and diluted earnings per share for the June 2012 quarter.

Nine Months Results

Net sales increased 2.4%, to $2.78 billion for the nine months ended June 2013 compared with the same period in the prior fiscal year. Excluding gasoline, grocery segment comparable store sales increased 1.9%. The number of customer transactions, average transaction size and gasoline gallons sold all were higher for the June 2013 nine month period compared with the June 2012 nine month period.

Gross profit dollars for the June 2013 nine-month period increased $16.4 million, or 2.7%, to $616.5 million, compared with $600.1 million for the same period of fiscal 2012. Gross profit as a percentage of sales was 22.2% and 22.1% for the nine months ended June 29, 2013, and June 23, 2012, respectively. Excluding gasoline sales, grocery segment gross profit as a percentage of sales increased 19 basis points for the first nine months of fiscal 2013 compared with the same fiscal 2012 period.

Operating expenses increased $14.4 million comparing the first nine months of fiscal 2013 to the same period of last fiscal year, and were 19.0% of sales for the nine months ended June 29, 2013, compared with 18.9% of sales for the nine months of fiscal 2012. Excluding gasoline sales and associated gasoline operating expenses (primarily payroll), operating expenses were 22.1% of sales for the nine-month fiscal 2013 period compared with 22.0% for the same period of fiscal 2012. Operating expense increases were driven by sales growth and store development activities, including higher personnel and supply costs.

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