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Jun 27, 2020
Ingles Q3 2020 Earnings Report
Increased sales and net income were reported for the three months ended June 27, 2020.
Key Takeaways
Ingles Markets reported a net sales increase of 12.0% and a significant rise in net income for the third quarter of fiscal year 2020, driven by heightened demand during the COVID-19 pandemic.
Net sales increased by 12.0% to $1.19 billion compared to the same quarter last year.
Gross profit totaled $324.7 million, representing 27.3% of sales.
Net income rose to $62.8 million, a substantial increase from $23.5 million in the previous year's quarter.
Basic earnings per share for Class A Common Stock were $3.18, up from $1.19 in the prior year.