Ingles Mkts Inc - IMKTA STOCK NEWS

Ingles Markets, Incorporated (IMKTA) reported a decrease in net sales to $1.48 billion for the first quarter of fiscal 2024, compared to $1.49 billion for the same period in 2023. Gross profit also decreased to $348.8 million, with operating and administrative expenses increasing to $289.8 million. Net income dropped to $43.4 million, resulting in basic and diluted earnings per share for Class A Common Stock of $2.33 and $2.28, respectively. Despite the decrease in financial figures, the company remains confident in its financial resources to meet future requirements.

Ingles Markets, Incorporated (NASDAQ: IMKTA) declares a cash dividend of $0.165 per share on all Class A Common Stock and $0.15 per share on all Class B Common Stock, payable on January 19, 2024. The company operates 198 supermarkets and owns a fluid dairy facility.

Ingles Markets, Incorporated (NASDAQ: IMKTA) reported net sales of $1.58 billion for the fourth quarter of fiscal 2023, with a gross profit of $369.7 million. However, net income decreased to $52.6 million from $70.2 million in the same period of fiscal 2022. For the fiscal year ended September 30, 2023, the company's net sales totaled $5.89 billion, with a gross profit of $1.40 billion and a net income of $210.8 million.

Ingles Markets declares cash dividends on its Class A and Class B Common Stock.

Ingles Markets, Incorporated (NASDAQ: IMKTA) announced a cash 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 for Class A and $0.60 for Class B shares. The dividends will be payable on April 13, 2023, to shareholders of record as of April 6, 2023.

Ingles operates 198 supermarkets across six southeastern states, headquartered in Asheville, North Carolina. The company also runs neighborhood shopping centers and owns a dairy facility, supplying products to its stores.

Ingles Markets, Incorporated (NASDAQ: IMKTA) reported strong financial results for the first quarter of fiscal 2023, ending December 24, 2022. Net sales reached $1.49 billion, a 7.3% increase from the previous year. Gross profit was $371.2 million, or 24.9% of sales, slightly down from 25.2% the prior year. Net income grew to $69.4 million, from $66.2 million, with earnings per share rising to $3.73. Operating expenses increased to $276.2 million, and capital expenditures surged to $59.3 million. The company maintained a solid debt position with $564.5 million total debt and no borrowings on its credit line.