Ingles Markets Inc ( (IMKTA) ) has released its Q1 earnings. Here is a breakdown of the information Ingles Markets Inc presented to its investors.
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Ingles Markets, Incorporated is a prominent supermarket chain operating in the southeastern United States, known for its extensive range of grocery products and neighborhood shopping centers, with headquarters in Asheville, North Carolina.
In the first quarter of fiscal 2025, Ingles Markets experienced a significant decline in net sales, reporting $1.29 billion, a 13% decrease from the previous year. This downturn was largely attributed to the impact of Hurricane Helene, which caused substantial disruptions including store closures and electronic payment issues.
Despite the challenges, Ingles reported a gross profit of $301.1 million, maintaining a steady margin of 23.4% of sales. Operating expenses saw a slight decrease, and the company managed to reduce its total debt from the previous year. However, net income dropped sharply to $16.6 million from $43.4 million, reflecting the adverse effects of the hurricane on the quarter’s performance.
The company is poised for recovery with three of the four hurricane-damaged stores expected to reopen in 2025, and they remain confident in their financial resources to meet future capital and operational needs. Ingles Markets continues to focus on providing value and high-quality products to its customers while navigating the post-storm recovery and market challenges.
