Business
Ingles Markets, Incorporated Reports Results for Second Quarter and First Six Months of Fiscal 2025
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported sales for the three and six months ended March 29, 2025.
About this update from Ingles Markets, Incorporated
[{"type":"text","content":" ASHEVILLE, N.C.--(BUSINESS WIRE)--\nIngles Markets, Incorporated (NASDAQ: IMKTA) today reported sales for the three and six months ended March 29, 2025.\n\nRobert P. Ingle II, Chairman of the Board, stated, “We continue to support our stores and thank our associates for their hard work delivering value to our customers.”\n\nSecond Quarter 2025 Results\n\nNet sales totaled $1.33 billion for the quarter ended March 29, 2025, a decrease of 2.7% compared with $1.37 billion for the quarter ended March 30, 2024.\n\nGross profit for the second quarter of fiscal 2025 totaled $311.0 million, or 23.4% of sales. Gross profit for the second quarter of fiscal 2024 was $321.9 million, or 23.5% of sales.\n\nOperating and administrative expenses for the second quarter of fiscal 2025 totaled $289.1 million, as compared with $284.8 million for the second quarter of fiscal 2024.\n\nInterest expense totaled $4.9 million for the second quarter of fiscal 2025, as compared with $5.6 million for the second quarter of fiscal 2024.\n\nNet income totaled $15.1 million for the second quarter of fiscal 2025, as compared with $31.9 million for the second quarter of fiscal 2024. Basic and diluted earnings per share for Class A Common Stock were $0.81 and $0.80, respectively, for the quarter ended March 29, 2025, as compared with $1.72 and $1.68, respectively, for the quarter ended March 30, 2024.\n\nFirst Half Fiscal 2025 Results\n\nFirst half fiscal 2025 net sales totaled $2.62 billion, a decrease of 8.0% compared with $2.85 billion in the first half of fiscal 2024.\n\nGross profit for the six months ended March 29, 2025, totaled $612.1 million, as compared with $670.7 million for the first six months of fiscal 2024. Gross profit, as a percentage of sales, was 23.4% for the first half of fiscal 2025, compared with 23.5% for the first half of fiscal 2024.\n\nOperating and administrative expenses totaled $569.9 million for the six months ended March 29, 2025, as compared to $574.6 million for the six months ended March 30, 2024.\n\nInterest expense decreased to $9.9 million for the six-month period ended March 29, 2025, as compared with $11.3 million for the six-month period ended March 30, 2024. Total debt as of March 29, 2025 was $521.6 million compared with $539.1 million as of March 30, 2024.\n\nNet income totaled $31.7 million for the six-month period en...