Ingles Markets Inc ( ($IMKTA) ) has released its Q4 earnings. Here is a breakdown of the information Ingles Markets Inc presented to its investors.
Ingles Markets, Incorporated is a prominent grocery store chain with operations across six southeastern states in the U.S., headquartered in Asheville, North Carolina, and operating 198 supermarkets. The company also runs a fluid dairy facility, supplying both its supermarkets and external customers.
In the latest earnings report, Ingles Markets reported a challenging financial period for the fourth quarter and fiscal year 2024, significantly impacted by Hurricane Helene. The natural disaster led to substantial inventory and property losses in their headquarters region, affecting overall financial performance.
Key financial metrics showed a decline, with net sales for the fourth quarter at $1.40 billion, down from $1.58 billion the previous year, due in part to the hurricane and a shorter fiscal quarter. The annual net sales also decreased to $5.64 billion from $5.89 billion. The company reported a net loss of $1.5 million for the fourth quarter, contrasting with a net income of $52.6 million for the same period last year, while annual net income fell to $105.5 million from $210.8 million.
Despite the recent setbacks, Ingles Markets has maintained its financial stability with full availability of a $150 million line of credit and confident in meeting its future capital expenditures and financial obligations. The company remains optimistic about leveraging its resources to navigate the challenges and pursue growth opportunities.
