Business
Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2023
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and twelve months ended September 30,
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 and twelve months ended September 30, 2023.\n\n\nRobert P. Ingle II, Chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.”\n\n\nFourth Quarter Results\n\n\nNet sales totaled $1.58 billion for the quarter ended September 30, 2023, compared with $1.45 billion for the quarter ended September 24, 2022. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022.\n\n\nGross profit for the fourth quarter of fiscal 2023 totaled $369.7 million, or 23.3% of sales. Gross profit for the fourth quarter of fiscal 2022 was $364.8 million, or 25.1% of sales.\n\n\nOperating and administrative expenses for the fourth quarter of fiscal 2023 totaled $299.4 million compared with $268.0 million for the fourth quarter of fiscal 2022.\n\n\nInterest expense totaled $5.9 million for the fourth quarter of fiscal 2023 compared with $5.4 million for the fourth quarter of fiscal 2022. Total debt at the end of fiscal 2023 was $550.2 million compared with $571.9 million at the end of fiscal 2022.\n\n\nNet income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, for the quarter ended September 30, 2023, compared with $3.78 and $3.69, respectively, for the quarter ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $2.57 for the quarter ended September 30, 2023 and $3.43 for the quarter ended September 24, 2022.\n\n\n\n\nAnnual Results\n\n\nNet sales totaled $5.89 billion for the fiscal year ended September 30, 2023, compared with $5.68 billion for the fiscal year ended September 24, 2022. Fiscal year ended September 30, 2023 had 53 weeks and fiscal year ended September 24, 2022 had 52 weeks.\n\n\nGross profit for the fiscal year ended September 30, 2023 totaled $1.40 billion, or 23.8% of sales. Gross profit for the fiscal year ended September 24, 2022 totaled $1.42 billion, or 24.9% of sales.\n\n\nOperating and administrative ...