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Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported increased sales and net income for the three months ended December 26, 2020.
The coronavirus (COVID-19) pandemic was declared a national emergency on March 13, 2020. The pandemic has had a significant impact on the Company’s operations since then. At this time the Company cannot predict the impact of the pandemic on future periods.
Robert P. Ingle II, Chairman of the Board, stated, “We are pleased with our results and we all continue to work hard to provide a safe and reliable shopping environment for our associates and customers. We are also honored to participate in the COVID-19 vaccine distribution.”
The ongoing COVID-19 pandemic continues to positively affect Ingles Markets financials.
Thanks to the ongoing COVID-19 pandemic, which has had “a significant impact on [its] operations,” Ingles Markets Inc. reported higher sales and net income for the three months ended Dec. 26, 2020, its first quarter of fiscal year 2021.
“We are pleased with our results, and we all continue to work hard to provide a safe and reliable shopping environment for our associates and customers,” said Robert P. Ingle II, Ingles’ chairman of the board. “We are also honored to participate in the COVID-19 vaccine distribution.”
The company’s net sales came to $1.19 billion for the quarter ended Dec. 26, 2020, a 10.4% increase compared with the $1.08 billion logged for the year-ago period. Its gross profit for the first quarter of fiscal 2021 was $314.2 million, or 26.4% of sales, versus $257.5 million, or 23.9% of sales, last year.