Ingles Markets, Incorporated Reports Results for the First Quarter of Fiscal 2025
Robert P. Ingle II, Chairman of the Board, stated, “As recovery efforts progress in the communities we support, we remain dedicated to offering value and providing a wide range of high-quality products to our customers. We deeply appreciate the focus, dedication and hard work of our associates in making this possible.”
Impact of Hurricane Helene
On September 27, 2024, Hurricane Helene severely impacted western
First Quarter 2025 Results
Net sales totaled
Gross profit for the first quarter of fiscal 2025 totaled
Operating and administrative expenses for the first quarter of fiscal 2025 totaled
Interest expense totaled
Net income totaled
Capital expenditures for the first quarter of fiscal 2025 totaled
The Company currently has no outstanding borrowings under its
About Ingles Markets, Incorporated
Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company’s operating area, including inflation or deflation; shortages of labor, distribution capacity, and some product shortages; inflation in food, labor and gasoline prices; the Company’s ability to successfully implement our expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company’s ability to manage technology and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company’s operations. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.
INGLES MARKETS, INCORPORATED |
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(Amounts in thousands except per share data) |
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Unaudited Financial Highlights |
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Condensed Consolidated Statements of Income (Unaudited) |
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Quarter Ended |
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December 28, |
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December 30, |
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2024 |
2023 |
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Net sales |
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$ |
1,288,115 |
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$ |
1,481,062 |
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Gross profit |
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|
301,135 |
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|
348,801 |
|
Operating and administrative expenses |
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|
280,709 |
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|
289,827 |
|
Gain (loss) from sale or disposal of assets |
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|
3,146 |
|
|
653 |
|
Income from operations |
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23,572 |
|
|
59,627 |
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Other income, net |
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|
3,297 |
|
|
3,607 |
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Interest expense |
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|
5,011 |
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|
5,706 |
|
Pretax income |
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21,858 |
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|
57,528 |
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Income tax expense |
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5,270 |
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|
14,134 |
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Net income |
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$ |
16,588 |
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$ |
43,394 |
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Basic earnings per common share – Class A |
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$ |
0.89 |
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$ |
2.33 |
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Diluted earnings per common share – Class A |
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$ |
0.87 |
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$ |
2.28 |
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Basic earnings per common share – Class B |
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$ |
0.81 |
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$ |
2.12 |
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Diluted earnings per common share – Class B |
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$ |
0.81 |
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$ |
2.12 |
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Additional selected information: |
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Depreciation and amortization expense |
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$ |
30,939 |
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$ |
28,774 |
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Rent expense |
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$ |
1,735 |
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$ |
2,393 |
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Condensed Consolidated Balance Sheets (Unaudited) |
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December 28, |
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September 28, |
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2024 |
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2024 |
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ASSETS |
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Cash and cash equivalents |
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$ |
269,510 |
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$ |
353,688 |
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Receivables-net |
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104,710 |
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78,266 |
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Inventories |
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490,792 |
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462,085 |
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Other current assets |
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25,013 |
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31,509 |
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Property and equipment-net |
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1,526,528 |
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1,526,708 |
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Other assets |
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76,719 |
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|
75,627 |
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TOTAL ASSETS |
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$ |
2,493,272 |
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$ |
2,527,883 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current maturities of long-term debt |
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$ |
17,521 |
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$ |
17,521 |
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Accounts payable, accrued expenses and current portion of other long-term liabilities |
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257,013 |
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303,101 |
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Deferred income taxes |
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64,056 |
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63,767 |
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Long-term debt |
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511,852 |
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515,102 |
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Other long-term liabilities |
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81,222 |
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82,643 |
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Total Liabilities |
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931,664 |
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982,134 |
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Stockholders' equity |
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1,561,608 |
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1,545,749 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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$ |
2,493,272 |
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$ |
2,527,883 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250206266448/en/
Ingles Markets, Inc.
Contact: Patricia E. Jackson, Chief Financial Officer
pjackson@ingles-markets.com
(828) 669-2941 (Ext. 223)
Source: Ingles Markets, Incorporated