
Ingles Markets, Inc. Provides Update on Hurricane Helene Recovery Efforts
Ingles Markets, Inc. (NASDAQ: IMKTA) today reported progress in restoring operations following the impact of Hurricane Helene, which affected both its stores and distribution center. Currently, 194 of Ingles’ 198 stores are open, while four locations remain temporarily closed due to flooding and wind damage. These impacted stores are expected to reopen within three to nine months. Ingles’ distribution center has returned to full operational status.
The estimated financial impact of inventory and property loss ranges between $35 and $55 million, with anticipated insurance reimbursements covering approximately $10 to $15 million. These estimates will be included in Ingles’ fiscal quarter and year-end financial results for the period ending September 28, 2024. Given the preliminary nature of this assessment, actual financial impacts may differ, subject to various uncertainties detailed in Ingles’ Cautionary Note Regarding Forward-Looking Statements.
“We extend our heartfelt support to all community members affected by this devastating hurricane,” the company stated. “We are immensely proud of our dedicated associates who continue working alongside neighbors and local resources to uphold Ingles’ commitment to serving our customers and communities.”
About Ingles Markets, Inc.
Headquartered in Asheville, North Carolina, Ingles Markets, Inc. operates 198 supermarkets across six southeastern states. The company also manages neighborhood shopping centers, most featuring an Ingles supermarket, and owns a fluid dairy facility serving Ingles and external customers. For more information, visit ingles-markets.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, which include expected financial and operational outcomes. These statements, distinguished by terms like “anticipate,” “expect,” and “plan,” reflect current management expectations but remain subject to risks, including economic conditions, inflation, supply chain challenges, weather events, and other factors outlined in Ingles’ SEC filings, such as Forms 10-K, 10-Q, and 8-K. Forward-looking statements speak only as of their date, and Ingles does not commit to updating this information except as required by law.