Ingles Markets Faces Financial Setbacks Post-Hurricane Helene

Ingles Markets ( (IMKTA) ) has provided an announcement.

Ingles Markets reported financial results for the fourth quarter and fiscal year 2024, revealing significant impacts from Hurricane Helene, which caused $34.9 million in impairment losses due to inventory and property damage. The company’s fourth quarter net sales dropped to $1.40 billion from $1.58 billion year-over-year, with a net loss of $1.5 million compared to a $52.6 million profit in the previous year. For the fiscal year, net sales decreased to $5.64 billion from $5.89 billion, and net income fell to $105.5 million from $210.8 million, largely due to the hurricane’s impact and reduced operational weeks compared to the prior year.

More about Ingles Markets

Ingles Markets, Incorporated is a leading grocer operating 198 supermarkets across six southeastern states, headquartered in Asheville, North Carolina. The company also manages neighborhood shopping centers, most featuring an Ingles supermarket, and owns a fluid dairy facility supplying both its supermarkets and unaffiliated customers.

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Technical Sentiment Consensus Rating: Buy

Current Market Cap: $1.23B

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