
Announces: Ingles Markets, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results
Ingles Markets, Incorporated (NASDAQ: IMKTA) has announced its financial results for the three and twelve months ending September 28, 2024. The report comes in the wake of the significant challenges posed by Hurricane Helene, which heavily impacted the company’s operational region in western North Carolina.
A Message of Gratitude and Resilience
Robert P. Ingle II, Chairman of the Board, expressed gratitude for the support received during this challenging period. “After Hurricane Helene impacted our communities, I am proud of how not only our associates came together, but our entire region. We are truly thankful for all the volunteers and the outpouring of support for our region,” he stated.
The Impact of Hurricane Helene
Hurricane Helene struck on September 27, 2024, causing widespread Announces devastation, including catastrophic flooding, power outages, communication disruptions, and road closures. The company’s headquarters in Asheville, North Carolina, was among the affected areas. The storm resulted in significant financial losses for Ingles Markets, including an impairment loss of $30.4 million due to inventory damage and an additional $4.5 million impairment loss for property and equipment.
Fourth Quarter Financial Results
Net sales for the quarter ended September 28, 2024, totaled $1.40 billion, compared to $1.58 billion in the same period the previous year. This decline was partly attributed to the fourth quarter of fiscal 2024 having 13 weeks, compared to 14 weeks in fiscal 2023. Gross profit for the quarter stood at $299.4 million, or 21.4% of sales, down from $369.7 million, or 23.3% of sales, in the fourth quarter of fiscal 2023.
Operating and administrative expenses slightly increased Announces to $301.0 million, compared to $299.4 million in the prior year’s fourth quarter. Interest expenses decreased from $5.9 million to $5.2 million. Total debt at the end of fiscal 2024 was $532.6 million, a reduction from $550.2 million at the end of fiscal 2023.
The company reported a net loss of $1.5 million for the fourth quarter of fiscal 2024, compared to a net income of $52.6 million for the same period in 2023. Basic and diluted losses per share for Class A Common Stock were $0.08, compared to earnings per share of $2.83 and $2.77, respectively, in the prior year. Announces Class B Common Stock also saw a decrease, with losses per share of $0.07 compared to earnings per share of $2.57 in the fourth quarter of fiscal 2023.

Fiscal Year 2024 Highlights
For the fiscal year ended September 28, 2024, net sales totaled $5.64 billion, a decline from $5.89 billion in fiscal 2023. The fiscal year 2024 had 52 weeks, compared to 53 weeks in fiscal 2023. Announces Gross profit for the year was $1.3 billion, or 23.1% of sales, compared to $1.4 billion, or 23.8% of sales, in fiscal 2023.
Operating and administrative expenses increased to $1.2 billion, up from $1.1 billion in the previous year. Interest expenses for the year were $21.9 million, slightly lower than the $22.1 million recorded in fiscal 2023.
Net income for fiscal 2024 was $105.5 million, compared to $210.8 million in Announces fiscal 2023. Earnings per share for Class A Common Stock were $5.68 and $5.56 (basic and diluted), down from $11.35 and $11.10 in fiscal 2023. Class B Common Stock earnings per share were $5.16, compared to $10.32 in the previous year.
Capital Investments and Financial Position
Capital expenditures for fiscal 2024 were $210.9 million, an increase from $173.6 million in fiscal 2023. The company has the full amount available under its $150.0 million line of credit and believes its financial resources will be sufficient to meet planned capital expenditures, debt service, and working capital requirements.
About Ingles Markets, Incorporated
Ingles Markets is a leading grocery retailer operating 198 supermarkets Announces across six southeastern states. Based in Asheville, North Carolina, the company also manages neighborhood shopping centers, most of which include an Ingles supermarket. Additionally, the company owns a fluid dairy facility that supplies its supermarkets and other customers. More information is available at ingles-markets.com.
Cautionary Note on Forward-Looking Statements
This report contains forward-looking statements under the Announces Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations but are subject to risks and uncertainties. Actual results may differ due to various factors, including Announces economic conditions, labor and product Announces shortages, inflation, and competitive pressures. The company does not undertake an obligation to update forward-looking statements except as required by law.