Ingles Markets Inc - IMKTA STOCK NEWS

Ingles Markets (NASDAQ: IMKTA) reported its Q4 and fiscal year 2024 results, significantly impacted by Hurricane Helene. The company recognized a $30.4 million inventory impairment loss and a $4.5 million property and equipment impairment loss due to the hurricane. Q4 net sales decreased to $1.40 billion from $1.58 billion year-over-year, with Q4 2024 having 13 weeks compared to 14 weeks in 2023.

For fiscal year 2024, net sales were $5.64 billion compared to $5.89 billion in 2023. Net income decreased to $105.5 million from $210.8 million in the previous year. The company reported total debt of $532.6 million at year-end, down from $550.2 million in 2023. Capital expenditures increased to $210.9 million from $173.6 million year-over-year.

Ingles Markets (NASDAQ: IMKTA) has received a notice from Nasdaq due to delayed filing of its Annual Report on Form 10-K for the fiscal year ended September 28, 2024. The delay is attributed to Hurricane Helene's impact. The company has until February 18, 2025 to either file the report or submit a compliance plan to Nasdaq.

If Nasdaq accepts a compliance plan, IMKTA could receive an extension until June 10, 2025 to file the report. The notice does not immediately affect IMKTA's Nasdaq listing, and the company intends to file within the initial 60-day period. Ingles Markets operates 198 supermarkets across six southeastern states, along with neighborhood shopping centers and a fluid dairy facility.

Ingles Markets (NASDAQ: IMKTA) provided an update on Hurricane Helene's impact on its operations. Out of 198 stores, 194 are currently operational, while 4 stores remain temporarily closed due to flooding and wind damage. These stores are expected to reopen within 3-9 months. The company's distribution center has resumed normal operations. The estimated financial impact from inventory and property loss ranges between $35-55 million, with expected insurance reimbursement of $10-15 million. These impacts will be reflected in the fiscal quarter and year ending September 28, 2024.

Ingles Markets (NASDAQ: IMKTA) has reported on the impact of Hurricane Helene on its operations. The hurricane has caused significant flooding, property damage, and ongoing power and water outages across the company's operational footprint. Out of Ingles' 198 stores, 186 are currently open, but many face transaction limitations due to internet and connectivity issues. The remaining closed stores are expected to reopen once power is restored, though no specific timeline is available.

The company expressed sympathy for community members affected by the hurricane. Ingles Markets operates in six southeastern states, with headquarters in Asheville, North Carolina. The company's operations include supermarkets, neighborhood shopping centers, and a fluid dairy facility serving both Ingles supermarkets and external customers.

Ingles Markets (NASDAQ: IMKTA) has declared a quarterly cash dividend for its shareholders. The company's Board of Directors announced a dividend of $0.165 per share on Class A Common Stock and $0.15 per share on Class B Common Stock. This translates to an annual rate of $0.66 and $0.60 per share, respectively. The dividends will be payable on October 17, 2024, to shareholders of record as of October 10, 2024.

Ingles Markets is a prominent grocer operating 198 supermarkets across six southeastern states. Headquartered in Asheville, North Carolina, the company also manages neighborhood shopping centers and owns a fluid dairy facility supplying both its supermarkets and external customers.

Ingles Markets (NASDAQ: IMKTA) reported results for Q3 and first nine months of fiscal 2024. Net sales for Q3 totaled $1.39 billion, down from $1.43 billion in Q3 2023. Gross profit was $329.8 million (23.7% of sales) compared to $338.1 million (23.6% of sales) last year. Net income decreased to $31.7 million from $48.3 million. For the nine-month period, net sales were $4.24 billion, down from $4.31 billion. Net income fell to $107.0 million from $158.2 million.

Earnings per share for Class A Common Stock were $1.71 (basic) and $1.67 (diluted) for Q3, down from $2.60 and $2.54 respectively. Capital expenditures for the nine-month period were $143.0 million, with full-year 2024 expected to be $170-190 million. The company operates 198 supermarkets across six southeastern states.

Ingles Markets announced a quarterly cash dividend for its Class A and Class B Common Stock. Shareholders will receive $0.165 per share for Class A and $0.15 per share for Class B, translating to an annual rate of $0.66 and $0.60 respectively. The dividends are payable on July 18, 2024, to shareholders recorded by July 11, 2024. Ingles Markets operates 198 supermarkets across six southeastern states and owns a fluid dairy facility. This announcement highlights the company's ongoing commitment to returning value to its shareholders.

Ingles Markets, Incorporated reported net sales of $1.37 billion for the second quarter of fiscal 2024, with a decrease in sales compared to the previous year. The company's gross profit, operating expenses, interest expenses, and net income also saw changes. Additionally, for the first half of fiscal 2024, net sales were $2.85 billion, showing a slight decrease from the previous year. The company's financial results for the quarter and six-month period display a mixed performance.