Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported
results for the three months ended December 30, 2023.
Robert 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.”
First Quarter 2024
Results
Net 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.
Gross 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.
Operating 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.
Interest 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.
Net 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.
Capital expenditures for the first quarter of fiscal 2024
totaled $63.2 million compared with $59.3 million for the first
quarter of fiscal 2023.
The 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.
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)
Quarter Ended
December 30,
December 24,
2023
2022
Net sales
$
1,481,062
$
1,493,314
Gross profit
348,801
371,155
Operating and administrative expenses
289,827
276,179
Gain (loss) from sale or disposal of
assets
653
780
Income from operations
59,627
95,756
Other income, net
3,607
1,441
Interest expense
5,706
5,347
Pretax income
57,528
91,850
Income tax expense
14,134
22,479
Net income
$
43,394
$
69,371
Basic earnings per common share – Class
A
$
2.33
$
3.73
Diluted earnings per common share – Class
A
$
2.28
$
3.65
Basic earnings per common share – Class
B
$
2.12
$
3.40
Diluted earnings per common share – Class
B
$
2.12
$
3.40
Additional selected information:
Depreciation and amortization expense
$
28,774
$
29,106
Rent expense
$
2,393
$
2,589
Condensed Consolidated Balance
Sheets (Unaudited)
December 30,
September 30,
2023
2023
ASSETS
Cash and cash equivalents
$
275,034
$
328,540
Receivables-net
116,748
107,571
Inventories
501,047
493,860
Other current assets
18,163
22,586
Property and equipment-net
1,462,362
1,431,872
Other assets
85,503
89,417
TOTAL ASSETS
$
2,458,857
$
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
265,471
313,007
Deferred income taxes
64,570
67,187
Long-term debt
529,375
532,632
Other long-term liabilities
86,450
84,521
Total Liabilities
963,387
1,014,874
Stockholders' equity
1,495,470
1,458,972
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
2,458,857
$
2,473,846
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208054781/en/
Patricia E. Jackson, Chief Financial Officer
pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
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