Ingles Markets Q1 net sales up 16.9% to $1.39B; net income rises to $66.2M

INGLES MARKETS INC

Net sales $1.39B for Dec 2021 quarter, up 16.9% from $1.19B a year ago.
Net income $66.2M ($3.48 diluted EPS Class A) vs $53.8M ($2.66) in prior year.
Gross profit $350.5M (25.2% margin) vs $314.2M (26.4%); margin declined.
Operating expenses $260.1M, up from $238.2M; interest expense fell to $5.4M from $6.4M.
Capital expenditures $21.3M vs $34.2M; no borrowings on $150M line; total debt $586.1M.

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