Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2023 By: Ingles Markets, Incorporated via Business Wire November 29, 2023 at 07:30 AM EST Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and twelve months ended September 30, 2023. Robert P. Ingle II, Chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.” Fourth Quarter Results Net sales totaled $1.58 billion for the quarter ended September 30, 2023, compared with $1.45 billion for the quarter ended September 24, 2022. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022. Gross profit for the fourth quarter of fiscal 2023 totaled $369.7 million, or 23.3% of sales. Gross profit for the fourth quarter of fiscal 2022 was $364.8 million, or 25.1% of sales. Operating and administrative expenses for the fourth quarter of fiscal 2023 totaled $299.4 million compared with $268.0 million for the fourth quarter of fiscal 2022. Interest expense totaled $5.9 million for the fourth quarter of fiscal 2023 compared with $5.4 million for the fourth quarter of fiscal 2022. Total debt at the end of fiscal 2023 was $550.2 million compared with $571.9 million at the end of fiscal 2022. Net income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, for the quarter ended September 30, 2023, compared with $3.78 and $3.69, respectively, for the quarter ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $2.57 for the quarter ended September 30, 2023 and $3.43 for the quarter ended September 24, 2022. Annual Results Net sales totaled $5.89 billion for the fiscal year ended September 30, 2023, compared with $5.68 billion for the fiscal year ended September 24, 2022. Fiscal year ended September 30, 2023 had 53 weeks and fiscal year ended September 24, 2022 had 52 weeks. Gross profit for the fiscal year ended September 30, 2023 totaled $1.40 billion, or 23.8% of sales. Gross profit for the fiscal year ended September 24, 2022 totaled $1.42 billion, or 24.9% of sales. Operating and administrative expenses totaled $1.1 billion for the fiscal year ended September 30, 2023, and $1.0 billion for the fiscal year ended September 24, 2022. Interest expense was $22.1 million for the fiscal year ended September 30, 2023, compared with $21.5 million for the fiscal year ended September 24, 2022. Net income totaled $210.8 million for the fiscal year ended September 30, 2023, compared with $272.8 million for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class A Common Stock were $11.35 and $11.10, respectively, for the fiscal year ended September 30, 2023, compared with $14.69 and $14.36, respectively, for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $10.32 for the fiscal year ended September 30, 2023, compared with $13.35 of basic and diluted earnings per share for the fiscal year ended September 24, 2022. Capital expenditures for the 2023 fiscal year totaled $173.6 million compared with $119.6 million for the 2022 fiscal year. The Company currently has the full amount available 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 as the economy recovers from the COVID-19 pandemic; 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 Consolidated Statements of Income Quarter Ended Year Ended Sept. 30, Sept. 24, Sept. 30, Sept. 24, 2023 2022 2023 2022 Net sales $ 1,584,995 $ 1,452,020 $ 5,892,782 $ 5,678,835 Gross profit 369,720 364,783 1,404,915 1,415,768 Operating and administrative expenses 299,400 268,027 1,115,381 1,040,194 Gain from sale or disposal of assets 1,276 122 2,770 1,358 Income from operations 71,596 96,878 292,304 376,932 Other income, net 2,978 1,701 8,269 5,846 Interest expense 5,935 5,383 22,068 21,508 Income tax expense 15,998 23,030 67,693 88,511 Net income $ 52,641 $ 70,166 $ 210,812 $ 272,759 Basic earnings per common share – Class A $ 2.83 $ 3.78 $ 11.35 $ 14.69 Diluted earnings per common share – Class A $ 2.77 $ 3.69 $ 11.10 $ 14.36 Basic earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Diluted earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Additional selected information: Depreciation and amortization expense $ 29,162 $ 29,278 $ 115,979 $ 117,802 Rent expense $ 2,731 $ 2,331 $ 10,592 $ 10,874 Consolidated Balance Sheets Sept. 30, Sept. 24, 2023 2022 ASSETS Cash and cash equivalents $ 328,540 $ 267,199 Receivables-net 107,571 97,157 Inventories 493,860 457,946 Other current assets 22,586 15,830 Property and equipment-net 1,431,872 1,374,031 Other assets 89,417 83,348 TOTAL ASSETS $ 2,473,846 $ 2,295,511 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 17,527 $ 17,621 Accounts payable, accrued expenses and current portion of other long-term liabilities 313,007 316,157 Deferred income taxes 67,187 73,578 Long-term debt 532,632 554,287 Other long-term liabilities 84,521 74,274 Total Liabilities 1,014,874 1,035,917 Stockholders' equity 1,458,972 1,259,594 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,473,846 $ 2,295,511 View source version on businesswire.com: https://www.businesswire.com/news/home/20231129816926/en/Contacts Ingles Markets, Inc. Pat Jackson, Chief Financial Officer pjackson@ingles-markets.com (828) 669-2941 (Ext. 223) Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Ingles Markets, Incorporated Reports Results for Fourth Quarter and Fiscal Year 2023 By: Ingles Markets, Incorporated via Business Wire November 29, 2023 at 07:30 AM EST Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and twelve months ended September 30, 2023. Robert P. Ingle II, Chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.” Fourth Quarter Results Net sales totaled $1.58 billion for the quarter ended September 30, 2023, compared with $1.45 billion for the quarter ended September 24, 2022. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022. Gross profit for the fourth quarter of fiscal 2023 totaled $369.7 million, or 23.3% of sales. Gross profit for the fourth quarter of fiscal 2022 was $364.8 million, or 25.1% of sales. Operating and administrative expenses for the fourth quarter of fiscal 2023 totaled $299.4 million compared with $268.0 million for the fourth quarter of fiscal 2022. Interest expense totaled $5.9 million for the fourth quarter of fiscal 2023 compared with $5.4 million for the fourth quarter of fiscal 2022. Total debt at the end of fiscal 2023 was $550.2 million compared with $571.9 million at the end of fiscal 2022. Net income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, for the quarter ended September 30, 2023, compared with $3.78 and $3.69, respectively, for the quarter ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $2.57 for the quarter ended September 30, 2023 and $3.43 for the quarter ended September 24, 2022. Annual Results Net sales totaled $5.89 billion for the fiscal year ended September 30, 2023, compared with $5.68 billion for the fiscal year ended September 24, 2022. Fiscal year ended September 30, 2023 had 53 weeks and fiscal year ended September 24, 2022 had 52 weeks. Gross profit for the fiscal year ended September 30, 2023 totaled $1.40 billion, or 23.8% of sales. Gross profit for the fiscal year ended September 24, 2022 totaled $1.42 billion, or 24.9% of sales. Operating and administrative expenses totaled $1.1 billion for the fiscal year ended September 30, 2023, and $1.0 billion for the fiscal year ended September 24, 2022. Interest expense was $22.1 million for the fiscal year ended September 30, 2023, compared with $21.5 million for the fiscal year ended September 24, 2022. Net income totaled $210.8 million for the fiscal year ended September 30, 2023, compared with $272.8 million for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class A Common Stock were $11.35 and $11.10, respectively, for the fiscal year ended September 30, 2023, compared with $14.69 and $14.36, respectively, for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $10.32 for the fiscal year ended September 30, 2023, compared with $13.35 of basic and diluted earnings per share for the fiscal year ended September 24, 2022. Capital expenditures for the 2023 fiscal year totaled $173.6 million compared with $119.6 million for the 2022 fiscal year. The Company currently has the full amount available 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 as the economy recovers from the COVID-19 pandemic; 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 Consolidated Statements of Income Quarter Ended Year Ended Sept. 30, Sept. 24, Sept. 30, Sept. 24, 2023 2022 2023 2022 Net sales $ 1,584,995 $ 1,452,020 $ 5,892,782 $ 5,678,835 Gross profit 369,720 364,783 1,404,915 1,415,768 Operating and administrative expenses 299,400 268,027 1,115,381 1,040,194 Gain from sale or disposal of assets 1,276 122 2,770 1,358 Income from operations 71,596 96,878 292,304 376,932 Other income, net 2,978 1,701 8,269 5,846 Interest expense 5,935 5,383 22,068 21,508 Income tax expense 15,998 23,030 67,693 88,511 Net income $ 52,641 $ 70,166 $ 210,812 $ 272,759 Basic earnings per common share – Class A $ 2.83 $ 3.78 $ 11.35 $ 14.69 Diluted earnings per common share – Class A $ 2.77 $ 3.69 $ 11.10 $ 14.36 Basic earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Diluted earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Additional selected information: Depreciation and amortization expense $ 29,162 $ 29,278 $ 115,979 $ 117,802 Rent expense $ 2,731 $ 2,331 $ 10,592 $ 10,874 Consolidated Balance Sheets Sept. 30, Sept. 24, 2023 2022 ASSETS Cash and cash equivalents $ 328,540 $ 267,199 Receivables-net 107,571 97,157 Inventories 493,860 457,946 Other current assets 22,586 15,830 Property and equipment-net 1,431,872 1,374,031 Other assets 89,417 83,348 TOTAL ASSETS $ 2,473,846 $ 2,295,511 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 17,527 $ 17,621 Accounts payable, accrued expenses and current portion of other long-term liabilities 313,007 316,157 Deferred income taxes 67,187 73,578 Long-term debt 532,632 554,287 Other long-term liabilities 84,521 74,274 Total Liabilities 1,014,874 1,035,917 Stockholders' equity 1,458,972 1,259,594 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,473,846 $ 2,295,511 View source version on businesswire.com: https://www.businesswire.com/news/home/20231129816926/en/Contacts Ingles Markets, Inc. Pat Jackson, Chief Financial Officer pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)
Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and twelve months ended September 30, 2023. Robert P. Ingle II, Chairman of the Board, stated, “We are happy to report results for the quarter and year-end. We continue to thank our associates for the dedication and hard work they provide to serve our customers.” Fourth Quarter Results Net sales totaled $1.58 billion for the quarter ended September 30, 2023, compared with $1.45 billion for the quarter ended September 24, 2022. Fourth quarter results of fiscal 2023 had 14 weeks compared to 13 weeks for the fourth quarter of fiscal 2022. Gross profit for the fourth quarter of fiscal 2023 totaled $369.7 million, or 23.3% of sales. Gross profit for the fourth quarter of fiscal 2022 was $364.8 million, or 25.1% of sales. Operating and administrative expenses for the fourth quarter of fiscal 2023 totaled $299.4 million compared with $268.0 million for the fourth quarter of fiscal 2022. Interest expense totaled $5.9 million for the fourth quarter of fiscal 2023 compared with $5.4 million for the fourth quarter of fiscal 2022. Total debt at the end of fiscal 2023 was $550.2 million compared with $571.9 million at the end of fiscal 2022. Net income totaled $52.6 million for the fourth quarter of fiscal 2023 quarter compared with $70.2 million for the fourth quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.83 and $2.77, respectively, for the quarter ended September 30, 2023, compared with $3.78 and $3.69, respectively, for the quarter ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $2.57 for the quarter ended September 30, 2023 and $3.43 for the quarter ended September 24, 2022. Annual Results Net sales totaled $5.89 billion for the fiscal year ended September 30, 2023, compared with $5.68 billion for the fiscal year ended September 24, 2022. Fiscal year ended September 30, 2023 had 53 weeks and fiscal year ended September 24, 2022 had 52 weeks. Gross profit for the fiscal year ended September 30, 2023 totaled $1.40 billion, or 23.8% of sales. Gross profit for the fiscal year ended September 24, 2022 totaled $1.42 billion, or 24.9% of sales. Operating and administrative expenses totaled $1.1 billion for the fiscal year ended September 30, 2023, and $1.0 billion for the fiscal year ended September 24, 2022. Interest expense was $22.1 million for the fiscal year ended September 30, 2023, compared with $21.5 million for the fiscal year ended September 24, 2022. Net income totaled $210.8 million for the fiscal year ended September 30, 2023, compared with $272.8 million for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class A Common Stock were $11.35 and $11.10, respectively, for the fiscal year ended September 30, 2023, compared with $14.69 and $14.36, respectively, for the fiscal year ended September 24, 2022. Basic and diluted earnings per share for Class B Common Stock were each $10.32 for the fiscal year ended September 30, 2023, compared with $13.35 of basic and diluted earnings per share for the fiscal year ended September 24, 2022. Capital expenditures for the 2023 fiscal year totaled $173.6 million compared with $119.6 million for the 2022 fiscal year. The Company currently has the full amount available 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 as the economy recovers from the COVID-19 pandemic; 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 Consolidated Statements of Income Quarter Ended Year Ended Sept. 30, Sept. 24, Sept. 30, Sept. 24, 2023 2022 2023 2022 Net sales $ 1,584,995 $ 1,452,020 $ 5,892,782 $ 5,678,835 Gross profit 369,720 364,783 1,404,915 1,415,768 Operating and administrative expenses 299,400 268,027 1,115,381 1,040,194 Gain from sale or disposal of assets 1,276 122 2,770 1,358 Income from operations 71,596 96,878 292,304 376,932 Other income, net 2,978 1,701 8,269 5,846 Interest expense 5,935 5,383 22,068 21,508 Income tax expense 15,998 23,030 67,693 88,511 Net income $ 52,641 $ 70,166 $ 210,812 $ 272,759 Basic earnings per common share – Class A $ 2.83 $ 3.78 $ 11.35 $ 14.69 Diluted earnings per common share – Class A $ 2.77 $ 3.69 $ 11.10 $ 14.36 Basic earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Diluted earnings per common share – Class B $ 2.57 $ 3.43 $ 10.32 $ 13.35 Additional selected information: Depreciation and amortization expense $ 29,162 $ 29,278 $ 115,979 $ 117,802 Rent expense $ 2,731 $ 2,331 $ 10,592 $ 10,874 Consolidated Balance Sheets Sept. 30, Sept. 24, 2023 2022 ASSETS Cash and cash equivalents $ 328,540 $ 267,199 Receivables-net 107,571 97,157 Inventories 493,860 457,946 Other current assets 22,586 15,830 Property and equipment-net 1,431,872 1,374,031 Other assets 89,417 83,348 TOTAL ASSETS $ 2,473,846 $ 2,295,511 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 17,527 $ 17,621 Accounts payable, accrued expenses and current portion of other long-term liabilities 313,007 316,157 Deferred income taxes 67,187 73,578 Long-term debt 532,632 554,287 Other long-term liabilities 84,521 74,274 Total Liabilities 1,014,874 1,035,917 Stockholders' equity 1,458,972 1,259,594 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,473,846 $ 2,295,511 View source version on businesswire.com: https://www.businesswire.com/news/home/20231129816926/en/
Ingles Markets, Inc. Pat Jackson, Chief Financial Officer pjackson@ingles-markets.com (828) 669-2941 (Ext. 223)