Ingles Markets, Incorporated Reports Second Update on the Impact of Hurricane Helene
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) ha fornito un aggiornamento sull'impatto dell'uragano Helene sulle sue operazioni. Su 198 negozi, 194 sono attualmente operativi, mentre 4 negozi rimangono temporaneamente chiusi a causa di allagamenti e danni causati dal vento. Si prevede che questi negozi riaprano entro 3-9 mesi. Il centro di distribuzione dell'azienda ha ripreso le operazioni normali. L'impatto finanziario stimato per la perdita di inventario e proprietà è compreso tra 35-55 milioni di dollari, con un rimborso assicurativo atteso di 10-15 milioni di dollari. Questi impatti saranno riflessi nel trimestre fiscale e nell'anno che termina il 28 settembre 2024.
Ingles Markets (NASDAQ: IMKTA) proporcionó una actualización sobre el impacto del huracán Helene en sus operaciones. De 198 tiendas, 194 están actualmente en funcionamiento, mientras que 4 tiendas permanecen temporalmente cerradas debido a inundaciones y daños por el viento. Se espera que estas tiendas reabran dentro de 3 a 9 meses. El centro de distribución de la empresa ha reanudado sus operaciones normales. El impacto financiero estimado por la pérdida de inventario y propiedad oscila entre 35-55 millones de dólares, con un reembolso de seguro esperado de 10-15 millones de dólares. Estos impactos se reflejarán en el trimestre fiscal y el año que termina el 28 de septiembre de 2024.
Ingles Markets (NASDAQ: IMKTA)는 허리케인 헬렌이 운영에 미친 영향에 대한 업데이트를 제공했습니다. 198개의 매장 중 194개가 현재 운영 중이며, 4개 매장은 홍수와 바람 피해로 인해 일시적으로 폐쇄되어 있습니다. 이러한 매장은 3-9개월 내에 재개장할 것으로 예상됩니다. 회사의 유통 센터는 정상 운영을 재개했습니다. 재고 및 자산 손실로 인한 재정적 영향은 3,500만~5,500만 달러로 추정되며, 예상 보험 환급은 1,000만~1,500만 달러입니다. 이러한 영향은 2024년 9월 28일로 끝나는 회계 분기 및 연도에 반영될 것입니다.
Ingles Markets (NASDAQ: IMKTA) a fourni une mise à jour sur l'impact de l'ouragan Helene sur ses opérations. Parmi 198 magasins, 194 sont actuellement opérationnels, tandis que 4 magasins restent temporairement fermés en raison d'inondations et de dommages causés par le vent. Ces magasins devraient rouvrir dans un délai de 3 à 9 mois. Le centre de distribution de l'entreprise a repris ses opérations normales. L'impact financier estimé de la perte d'inventaire et de biens se situe entre 35 et 55 millions de dollars, avec un remboursement d'assurance prévu de 10 à 15 millions de dollars. Ces impacts seront reflétés dans le trimestre fiscal et l'année se terminant le 28 septembre 2024.
Ingles Markets (NASDAQ: IMKTA) hat ein Update zu den Auswirkungen des Hurrikans Helene auf seine Betriebe gegeben. Von 198 Geschäften sind derzeit 194 betriebsbereit, während 4 Geschäfte aufgrund von Überschwemmungen und Windschäden vorübergehend geschlossen sind. Es wird erwartet, dass diese Geschäfte innerhalb von 3 bis 9 Monaten wiedereröffnet werden. Das Vertriebszentrum des Unternehmens hat den normalen Betrieb wieder aufgenommen. Der geschätzte finanzielle Einfluss durch Inventar- und Sachschäden beläuft sich auf 35-55 Millionen Dollar, mit einer erwarteten Versicherungserstattung von 10-15 Millionen Dollar. Diese Auswirkungen werden im Fiskalquartal und im Jahr endend am 28. September 2024 berücksichtigt.
- 194 out of 198 stores remain operational
- Distribution center fully operational
- Insurance expected to cover $10-15 million of damages
- 4 stores temporarily closed for up to 9 months
- Financial impact of $35-55 million from inventory and property loss
- Net loss after insurance could reach $25-45 million
Insights
The hurricane impact presents significant financial implications for Ingles Markets. The estimated
The company's distribution center returning to normal operations is positive, minimizing supply chain disruptions. However, the financial impact will materially affect Q4 2024 results. Given IMKTA's market cap of
We have currently estimated that the financial impact of inventory and property loss will be between
Our thoughts are with everyone impacted in our communities who lost lives, loved ones, homes and access to basic necessities. We are proud to see our hard-working associates come together with neighbors and local resources to continue the Ingles commitment of serving our customers and communities.
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 impact of weather-related events and natural disasters; 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.
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Ingles Markets, Inc.
Contact: Pat Jackson, Chief Financial Officer
pjackson@ingles-markets.com
(828) 669-2941 (Ext. 223)
Source: Ingles Markets, Incorporated
FAQ
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