Ingles Markets, Incorporated (NASDAQ: IMKTA) has announced its financial results for the three and nine months ending June 29, 2024.
Chairman Robert P. Ingle II commented, “Our commitment remains steadfast in delivering excellent customer service and high-quality products at affordable prices. We extend our gratitude to all our associates for their unwavering dedication and hard work.”
Third Quarter Highlights
- Net Sales: $1.39 billion, down from $1.43 billion in the same quarter last year.
- Gross Profit: $329.8 million, or 23.7% of sales, compared to $338.1 million, or 23.6% of sales in the previous year.
- Operating and Administrative Expenses: $286.3 million, up from $270.9 million.
- Interest Expenses: $5.4 million, consistent with the previous year.
- Net Income: $31.7 million, a decrease from $48.3 million year-over-year.
- Basic and diluted earnings per share for Class A Common Stock were $1.71 and $1.67, respectively, compared to $2.60 and $2.54 for the same quarter last year.
- Basic and diluted earnings per share for Class B Common Stock were each $1.55, down from $2.36.
Nine-Month Performance
- Net Sales: $4.24 billion, compared to $4.31 billion for the same period last year.
- Gross Profit: $1.00 billion, or 23.6% of sales, versus $1.04 billion, or 24.0% of sales previously.
- Operating and Administrative Expenses: $860.8 million, an increase from $816.0 million.
- Interest Expenses: $16.7 million, up from $16.1 million.
- Net Income: $107.0 million, down from $158.2 million.
- Basic and diluted earnings per share for Class A Common Stock were $5.76 and $5.63, respectively, compared to $8.51 and $8.33.
- Basic and diluted earnings per share for Class B Common Stock were each $5.23, down from $7.74.
Capital Expenditures and Financial Position
- Capital Expenditures: $143.0 million for the nine months ended June 29, 2024, compared to $137.1 million for the same period last year. Total capital expenditures for fiscal year 2024 are projected to be between $170 million and $190 million.
- The Company has no outstanding borrowings on its $150.0 million line of credit and believes its financial resources, including this line of credit and other funding sources, will be adequate to cover planned capital expenditures, debt service, and working capital needs in the near future.
