Ingles Markets Q1 net sales up 6.6% to $1.37B; net income rises to $28.1M

INGLES MARKETS INC

Net sales $1.37B (+6.6% YoY); gross profit margin expanded to 24.4% from 23.4%.
Net income $28.1M, up from $16.6M; diluted EPS Class A $1.48 vs $0.87.
Total debt reduced to $511.5M from $529.4M a year ago; interest expense down to $4.6M.
Capital expenditures $36.4M in quarter; $150M credit line undrawn except $0.5M LC.
Chairman cited associate efforts as key driver of holiday-season performance.

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