Business
Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2024
ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 29, 2024.
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 nine months ended June 29, 2024.\n\n\nRobert 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.”\n\n\nThird Quarter Results\n\n\nNet sales totaled $1.39 billion for the quarter ended June 29, 2024, compared with $1.43 billion for the quarter ended June 24, 2023.\n\n\nGross 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.\n\n\nOperating 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.\n\n\nInterest expenses totaled $5.4 million for the third quarter of fiscal 2024 and for the third quarter of fiscal 2023.\n\n\nNet 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.\n\n\nNine Month Results\n\n\nNet 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.\n\n\nGross 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.\n\n\nOperating 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.\n\n\nInterest 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.\n\n\nNet income totaled $107.0 million for the nine-month period ended ...