Business
Ingles Markets, Incorporated Reports Results for First Quarter Fiscal 2024
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three months ended December 30, 2023. Robert
About this update from Ingles Markets, Incorporated
[{"type":"text","content":" ASHEVILLE, N.C.--(BUSINESS WIRE)--\nIngles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three months ended December 30, 2023.\n\n\nRobert P. Ingle II, Chairman of the Board, stated, “During the quarter, we remained focused on providing service and value to our customers. We are grateful to our associates for their continued dedication and service.”\n\n\nFirst Quarter 2024 Results\n\n\nNet sales totaled $1.48 billion for the quarter ended December 30, 2023, a decrease of 0.8% compared with $1.49 billion for the quarter ended December 24, 2022.\n\n\nGross profit for the first quarter of fiscal 2024 totaled $348.8 million, or 23.6% of sales. Gross profit for the first quarter of fiscal 2023 was $371.2 million, or 24.9% of sales.\n\n\nOperating and administrative expenses for the first quarter of fiscal 2024 totaled $289.8 million compared with $276.2 million for the first quarter of fiscal 2023.\n\n\nInterest expense totaled $5.7 million for the first quarter of fiscal 2024 compared with $5.3 million for the first quarter of fiscal 2023. Total debt at the end of the first quarter of fiscal 2024 was $546.9 million compared with $564.5 million at the end of the first quarter of fiscal 2023.\n\n\nNet income totaled $43.4 million for the first quarter of fiscal 2024 compared with $69.4 million for the first quarter of fiscal 2023. Basic and diluted earnings per share for Class A Common Stock were $2.33 and $2.28, respectively, for the quarter ended December 30, 2023, compared with $3.73 and $3.65, respectively, for the quarter ended December 24, 2022.\n\n\nCapital expenditures for the first quarter of fiscal 2024 totaled $63.2 million compared with $59.3 million for the first quarter of fiscal 2023.\n\n\nThe Company has no outstanding borrowings under its $150.0 million line of credit. The Company believes its financial resources, including the line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.\n\n\n\n\nAbout Ingles Markets, Incorporated\n\n\nIngles 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 operat...