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Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2024

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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 (NASDAQ: IMKTA) ha riportato i risultati per il terzo trimestre e i primi nove mesi dell'anno fiscale 2024. Le vendite nette per il terzo trimestre hanno totalizzato 1,39 miliardi di dollari, in calo rispetto a 1,43 miliardi di dollari nel terzo trimestre del 2023. Il profitto lordo è stato di 329,8 milioni di dollari (23,7% delle vendite) rispetto a 338,1 milioni di dollari (23,6% delle vendite) dell'anno scorso. Il reddito netto è diminuito a 31,7 milioni di dollari rispetto a 48,3 milioni di dollari. Per il periodo di nove mesi, le vendite nette sono state di 4,24 miliardi di dollari, in calo rispetto a 4,31 miliardi di dollari. Il reddito netto è sceso a 107,0 milioni di dollari rispetto a 158,2 milioni di dollari.

Gli utili per azione per le azioni comuni di classe A sono stati di 1,71 dollari (base) e 1,67 dollari (diluiti) per il terzo trimestre, in calo rispetto a 2,60 e 2,54 rispettivamente. Le spese in conto capitale per il periodo di nove mesi sono state di 143,0 milioni di dollari, con una previsione per l’intero anno 2024 di 170-190 milioni di dollari. L'azienda gestisce 198 supermercati in sei stati del sud-est.

Ingles Markets (NASDAQ: IMKTA) reportó resultados para el tercer trimestre y los primeros nueve meses del año fiscal 2024. Las ventas netas del tercer trimestre totalizaron 1.39 mil millones de dólares, una disminución con respecto a 1.43 mil millones de dólares en el tercer trimestre de 2023. La utilidad bruta fue de 329.8 millones de dólares (23.7% de las ventas) en comparación con 338.1 millones de dólares (23.6% de las ventas) del año pasado. Los ingresos netos disminuyeron a 31.7 millones de dólares desde 48.3 millones de dólares. Para el período de nueve meses, las ventas netas fueron de 4.24 mil millones de dólares, una caída de 4.31 mil millones de dólares. Los ingresos netos cayeron a 107.0 millones de dólares desde 158.2 millones de dólares.

Las ganancias por acción para las acciones comunes de clase A fueron de 1.71 dólares (básica) y 1.67 dólares (diluida) para el tercer trimestre, en comparación con 2.60 y 2.54 respectivamente. Los gastos de capital para el período de nueve meses fueron de 143.0 millones de dólares, con una expectativa para el año completo 2024 de 170-190 millones de dólares. La empresa opera 198 supermercados en seis estados del sureste.

잉글스 마켓(나스닥: IMKTA)은 2024 회계연도 3분기 및 첫 9개월 결과를 보고했습니다. 3분기 순매출은 13억 9천만 달러로, 2023년 3분기의 14억 3천만 달러에서 감소했습니다. 총 이익은 3억 2,980만 달러(매출의 23.7%)로, 작년의 3억 3,810만 달러(매출의 23.6%)와 비교됩니다. 순이익은 3,170만 달러로, 4,830만 달러에서 감소했습니다. 9개월 기간 동안 순매출은 42억 4천만 달러로, 43억 1천만 달러에서 하락했습니다. 순이익은 1억 7백만 달러로, 1억 5,820만 달러에서 떨어졌습니다.

3분기 A 클래스 보통주당 주당 순이익은 1.71달러(기본) 및 1.67달러(희석)로, 각각 2.60달러 및 2.54달러에서 감소했습니다. 9개월 동안의 자본 지출은 1억 4,300만 달러였으며, 2024년 전체 연간 예상은 1억 7천만에서 1억 9천만 달러입니다. 이 회사는 남동부 6개 주에 198개의 슈퍼마켓을 운영하고 있습니다.

Ingles Markets (NASDAQ: IMKTA) a annoncé les résultats pour le troisième trimestre et les neuf premiers mois de l'exercice 2024. Les ventes nettes pour le troisième trimestre ont atteint 1,39 milliard de dollars, contre 1,43 milliard de dollars au troisième trimestre 2023. Le bénéfice brut s'élevait à 329,8 millions de dollars (23,7 % des ventes) par rapport à 338,1 millions de dollars (23,6 % des ventes) l'année dernière. Le revenu net a diminué à 31,7 millions de dollars contre 48,3 millions de dollars. Pour la période de neuf mois, les ventes nettes s'élevaient à 4,24 milliards de dollars, en baisse par rapport à 4,31 milliards de dollars. Le revenu net a chuté à 107,0 millions de dollars contre 158,2 millions de dollars.

Les bénéfices par action pour les actions ordinaires de classe A étaient de 1,71 dollar (de base) et 1,67 dollar (dilué) pour le troisième trimestre, en baisse par rapport à 2,60 dollars et 2,54 dollars respectivement. Les dépenses d'investissement pour la période de neuf mois s'élevaient à 143,0 millions de dollars, avec des prévisions pour l'année complète 2024 de 170 à 190 millions de dollars. L'entreprise exploite 198 supermarchés dans six États du sud-est.

Ingles Markets (NASDAQ: IMKTA) hat die Ergebnisse für das 3. Quartal und die ersten neun Monate des Geschäftsjahres 2024 veröffentlicht. Die Nettoverkäufe im 3. Quartal betrugen 1,39 Milliarden Dollar, im Vergleich zu 1,43 Milliarden Dollar im 3. Quartal 2023. Der Bruttogewinn lag bei 329,8 Millionen Dollar (23,7% des Umsatzes) im Vergleich zu 338,1 Millionen Dollar (23,6% des Umsatzes) im Vorjahr. Der Nettogewinn sank auf 31,7 Millionen Dollar, nach 48,3 Millionen Dollar. Für den Neunmonatszeitraum betrugen die Nettoverkäufe 4,24 Milliarden Dollar, ein Rückgang von 4,31 Milliarden Dollar. Der Nettogewinn fiel auf 107,0 Millionen Dollar, nach 158,2 Millionen Dollar.

Die Gewinne pro Aktie für Stammaktien der Klasse A betrugen 1,71 Dollar (Basis) und 1,67 Dollar (verwässert) für das 3. Quartal, ein Rückgang von 2,60 Dollar bzw. 2,54 Dollar. Die Investitionsausgaben für den Neunmonatszeitraum betrugen 143,0 Millionen Dollar, wobei für das gesamte Jahr 2024 ein Betrag von 170 bis 190 Millionen Dollar erwartet wird. Das Unternehmen betreibt 198 Supermärkte in sechs Bundesstaaten im Südosten.

Positive
  • Gross profit margin slightly improved to 23.7% in Q3 2024 from 23.6% in Q3 2023
  • Company has no outstanding borrowings under its $150.0 million line of credit
  • Capital expenditures increased to $143.0 million from $137.1 million, indicating continued investment in growth
Negative
  • Net sales decreased to $1.39 billion in Q3 2024 from $1.43 billion in Q3 2023
  • Net income declined to $31.7 million in Q3 2024 from $48.3 million in Q3 2023
  • Operating and administrative expenses increased to $286.3 million in Q3 2024 from $270.9 million in Q3 2023
  • Nine-month net income fell to $107.0 million from $158.2 million year-over-year

Insights

Ingles Markets' Q3 FY2024 results show a decline in performance compared to the same period last year. Net sales decreased by 2.8% to $1.39 billion, while net income dropped significantly by 34.4% to $31.7 million. This resulted in lower earnings per share for both Class A and B Common Stock.

The company's gross profit margin slightly improved to 23.7%, but operating expenses increased by 5.7%. This suggests potential challenges in cost management. The nine-month results also reflect a downward trend, with net income falling by 32.4% to $107.0 million.

Despite these challenges, Ingles Markets maintains a strong financial position with no outstanding borrowings on its $150 million credit line. The company's continued investment in capital expenditures ($143.0 million year-to-date) indicates confidence in future growth prospects.

The grocery sector is facing headwinds, as evidenced by Ingles Markets' performance. The slight decrease in sales could indicate increased competition or shifts in consumer behavior. However, the company's focus on customer service and affordable pricing may help maintain customer loyalty in a challenging environment.

The increase in operating expenses, outpacing sales growth, is concerning and could reflect inflationary pressures or investments in technology and store improvements. The company's ability to slightly improve gross margin despite these challenges is noteworthy.

Ingles' continued expansion plans, with expected capital expenditures of $170-190 million for FY2024, suggest a long-term growth strategy. This could position the company well for future market share gains, but investors should monitor the impact on short-term profitability and cash flow.

ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 29, 2024.

Robert P. Ingle II, Chairman of the Board, stated, “We continue to stay focused on our goal of providing excellent customer service and products at affordable prices. We would like to thank all our associates for their hard work and dedication.”

Third Quarter Results

Net sales totaled $1.39 billion for the quarter ended June 29, 2024, compared with $1.43 billion for the quarter ended June 24, 2023.

Gross profit for the third quarter of fiscal 2024 totaled $329.8 million, or 23.7% of sales. Gross profit for the third quarter of fiscal 2023 was $338.1 million, or 23.6% of sales.

Operating and administrative expenses for the third quarter of fiscal 2024 totaled $286.3 million compared with $270.9 million for the third quarter of fiscal 2023.

Interest expenses totaled $5.4 million for the third quarter of fiscal 2024 and for the third quarter of fiscal 2023.

Net income totaled $31.7 million for the third quarter of fiscal 2024, as compared with $48.3 million for the third quarter of fiscal 2023. Basic and diluted earnings per share for Class A Common Stock were $1.71 and $1.67, respectively, for the quarter ended June 29, 2024, as compared with $2.60 and $2.54, respectively, for the quarter ended June 24, 2023. Basic and diluted earnings per share for Class B Common Stock were each $1.55 for the quarter ended June 29, 2024, as compared with $2.36 for the quarter ended June 24, 2023.

Nine Month Results

Net sales totaled $4.24 billion for the nine months ended June 29, 2024, as compared with $4.31 billion for the nine months ended June 24, 2023.

Gross profit for the nine months ended June 29, 2024, totaled $1.00 billion, or 23.6% of sales. Gross profit for the nine months ended June 24, 2023, totaled $1.04 billion, or 24.0% of sales.

Operating and administrative expenses totaled $860.8 million for the nine months ended June 29, 2024, as compared to $816.0 million for the nine months ended June 24, 2023.

Interest expenses totaled $16.7 million for the nine-month period ended June 29, 2024, and $16.1 million for the nine-month period ended June 24, 2023.

Net income totaled $107.0 million for the nine-month period ended June 29, 2024, compared with $158.2 million for the nine-month period ended June 24, 2023. Basic and diluted earnings per share for Class A Common Stock were $5.76 and $5.63, respectively, for the nine months ended June 29, 2024, as compared with $8.51 and $8.33, respectively, for the nine months ended June 24, 2023. Basic and diluted earnings per share for Class B Common Stock were each $5.23 for the nine months ended June 29, 2024, as compared with $7.74 of basic and diluted earnings per share for the nine months ended June 24, 2023.

Capital expenditures for the June 2024 nine-month period totaled $143.0 million, compared with $137.1 million for the June 2023 nine-month period. Capital expenditures for the entire fiscal year 2024 are expected to be approximately $170 million to $190 million.

The Company currently has no outstanding borrowings under its $150.0 million line of credit. The Company believes its financial resources, including its line of credit and other internal and external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.

About Ingles Markets, Incorporated

Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 198 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit ingles-markets.com.

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

(Amounts in thousands except per share data)

 

Unaudited Financial Highlights

Condensed Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

June 29,

June 24,

 

June 29,

June 24,

 

 

2024

2023

 

2024

2023

 

 

 

 

 

 

 

Net sales

 

$

1,393,539

$

1,433,869

 

$

4,242,081

$

4,307,787

Gross profit

 

 

329,758

 

338,101

 

 

1,000,444

 

1,035,196

Operating and administrative expenses

 

 

286,250

 

270,911

 

 

860,839

 

815,981

Gain from sale or disposal of assets

 

 

643

 

116

 

 

8,982

 

1,493

Income from operations

 

 

44,151

 

67,306

 

 

148,587

 

220,708

Other income, net

 

 

3,554

 

2,115

 

 

10,542

 

5,291

Interest expense

 

 

5,359

 

5,442

 

 

16,653

 

16,133

Income tax expense

 

 

10,624

 

15,719

 

 

35,462

 

51,695

Net income

 

$

31,722

$

48,260

 

$

107,014

$

158,171

 

 

 

 

 

 

 

Basic earnings per common share – Class A

 

$

1.71

$

2.60

 

$

5.76

$

8.51

Diluted earnings per common share – Class A

 

$

1.67

$

2.54

 

$

5.63

$

8.33

Basic earnings per common share – Class B

 

$

1.55

$

2.36

 

$

5.23

$

7.74

Diluted earnings per common share – Class B

 

$

1.55

$

2.36

 

$

5.23

$

7.74

 

 

 

 

 

 

 

Additional selected information:

 

 

 

 

 

 

Depreciation and amortization expense

 

$

29,509

$

28,847

 

$

87,532

$

86,817

Rent expense

 

$

2,534

$

2,532

 

$

7,591

$

7,861

 

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

 

 

 

 

 

 

June 29,

 

 

Sept. 30,

 

 

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

354,759

 

 

$

328,540

 

Receivables-net

 

 

99,610

 

 

 

107,571

 

Inventories

 

 

483,546

 

 

 

493,860

 

Other current assets

 

 

24,797

 

 

 

22,586

 

Property and equipment-net

 

 

1,497,177

 

 

 

1,431,872

 

Other assets

 

 

85,833

 

 

 

89,417

 

TOTAL ASSETS

 

$

2,545,722

 

 

$

2,473,846

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

Current maturities of long-term debt

 

$

17,521

 

 

$

17,527

 

Accounts payable, accrued expenses and current portion of other long-term liabilities

 

304,858

 

 

 

313,007

 

Deferred income taxes

 

 

65,187

 

 

 

67,187

 

Long-term debt

 

 

518,349

 

 

 

532,632

 

Other long-term liabilities

 

 

85,973

 

 

 

84,521

 

Total Liabilities

 

 

991,888

 

 

 

1,014,874

 

Stockholders' equity

 

 

1,553,834

 

 

 

1,458,972

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,545,722

 

 

$

2,473,846

 

 

Ingles Markets, Inc.

Pat Jackson, Chief Financial Officer

pjackson@ingles-markets.com

(828) 669-2941 (Ext. 223)

Source: Ingles Markets, Incorporated

FAQ

What were Ingles Markets' (IMKTA) Q3 2024 earnings per share?

For Q3 2024, Ingles Markets reported basic earnings per share of $1.71 and diluted earnings per share of $1.67 for Class A Common Stock.

How did Ingles Markets' (IMKTA) net sales change in Q3 2024 compared to Q3 2023?

Ingles Markets' net sales decreased from $1.43 billion in Q3 2023 to $1.39 billion in Q3 2024.

What is Ingles Markets' (IMKTA) capital expenditure forecast for fiscal year 2024?

Ingles Markets expects capital expenditures for the entire fiscal year 2024 to be approximately $170 million to $190 million.

How many supermarkets does Ingles Markets (IMKTA) currently operate?

As of the report, Ingles Markets operates 198 supermarkets across six southeastern states.

Ingles Markets Inc

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