EX-99.1 2 ex_814091.htm EXHIBIT 99.1 ex_814091.htm

Exhibit 99.1

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PRESS RELEASE

 

 

Ingles Markets, Inc.

Contact: Pat Jackson, Chief Financial Officer

[email protected]

(828) 669-2941 (Ext. 223)

May 8, 2025

For  Immediate Release

 

 

Ingles Markets, Incorporated Reports Results

for Second Quarter and First Six Months of Fiscal 2025

 

 

ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported sales for the three and six months ended March 29, 2025.

 

Robert P. Ingle II, Chairman of the Board, stated, “We continue to support our stores and thank our associates for their hard work delivering value to our customers.”

 

Second Quarter 2025 Results

 

Net sales totaled $1.33 billion for the quarter ended March 29, 2025, a decrease of 2.7% compared with $1.37 billion for the quarter ended March 30, 2024.

 

Gross profit for the second quarter of fiscal 2025 totaled $311.0 million, or 23.4% of sales. Gross profit for the second quarter of fiscal 2024 was $321.9 million, or 23.5% of sales.

 

Operating and administrative expenses for the second quarter of fiscal 2025 totaled $289.1 million, as compared with $284.8 million for the second quarter of fiscal 2024.

 

Interest expense totaled $4.9 million for the second quarter of fiscal 2025, as compared with $5.6 million for the second quarter of fiscal 2024.

 

Net income totaled $15.1 million for the second quarter of fiscal 2025, as compared with $31.9 million for the second quarter of fiscal 2024. Basic and diluted earnings per share for Class A Common Stock were $0.81 and $0.80, respectively, for the quarter ended March 29, 2025, as compared with $1.72 and $1.68, respectively, for the quarter ended March 30, 2024.

 

First Half Fiscal 2025 Results

 

First half fiscal 2025 net sales totaled $2.62 billion, a decrease of 8.0% compared with $2.85 billion in the first half of fiscal 2024.

 

Gross profit for the six months ended March 29, 2025, totaled $612.1 million, as compared with $670.7 million for the first six months of fiscal 2024. Gross profit, as a percentage of sales, was 23.4% for the first half of fiscal 2025, compared with 23.5% for the first half of fiscal 2024.

 

Operating and administrative expenses totaled $569.9 million for the six months ended March 29, 2025, as compared to $574.6 million for the six months ended March 30, 2024.

 

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PRESS RELEASE

 

Interest expense decreased to $9.9 million for the six-month period ended March 29, 2025, as compared with $11.3 million for the six-month period ended March 30, 2024. Total debt as of March 29, 2025 was $521.6 million compared with $539.1 million as of March 30, 2024.

 

Net income totaled $31.7 million for the six-month period ended March 29, 2025, as compared with $75.3 million for the six-month period ended March 30, 2024. Basic and diluted earnings per share for Class A Common Stock were $1.70 and $1.67, respectively, for the six months ended March 29, 2025, as compared to $4.05 and $3.96, respectively, for the six months ended March 30, 2024.

 

Capital expenditures for the first half of fiscal 2025 totaled $62.0 million compared with $98.4 million for the first half of fiscal 2024.

 

The Company believes its financial resources, including its line of credit and other internal and 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 197 supermarkets. At March 29, 2025, three of the four stores temporarily closed due to damage sustained in Hurricane Helene remained closed but are expected to reopen at various times during 2025 or 2026. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain Ingles supermarkets. 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.

 

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PRESS RELEASE

 

INGLES MARKETS, INCORPORATED

(Amounts in thousands except per share data)

 

Unaudited Financial Highlights

Condensed Consolidated Statements of Income (Unaudited)

 

   

Three Months Ended

   

Six Months Ended

 
   

March 29,

   

March 30,

   

March 29,

   

March 30,

 
   

2025

   

2024

   

2025

   

2024

 
                                 

Net sales

  $ 1,331,273     $ 1,367,480     $ 2,619,388     $ 2,848,542  

Gross profit

    310,977       321,885       612,111       670,686  

Operating and administrative expenses

    289,144       284,762       569,853       574,589  

(Loss) Gain from sale or disposal of assets

    (192 )     7,686       2,954       8,339  

Income from operations

    21,641       44,809       45,212       104,436  

Other income, net

    2,842       3,381       6,140       6,988  

Interest expense

    4,879       5,587       9,890       11,294  

Income tax expense

    4,498       10,704       9,768       24,838  

Net income

  $ 15,106     $ 31,899     $ 31,694     $ 75,292  
                                 

Basic earnings per common share – Class A

  $ 0.81     $ 1.72     $ 1.70     $ 4.05  

Diluted earnings per common share – Class A

  $ 0.80     $ 1.68     $ 1.67     $ 3.96  

Basic earnings per common share – Class B

  $ 0.74     $ 1.56     $ 1.55     $ 3.68  

Diluted earnings per common share – Class B

  $ 0.74     $ 1.56     $ 1.55     $ 3.68  
                                 

Additional selected information:

                               

Depreciation and amortization expense

  $ 30,597     $ 29,249     $ 61,536     $ 58,023  

Rent expense

  $ 1,993     $ 2,664     $ 3,728     $ 5,057  

 

Condensed Consolidated Balance Sheets (Unaudited)

 

   

March 29,

   

Sept. 28,

 
   

2025

   

2024

 

ASSETS

               

Cash and cash equivalents

  $ 297,329     $ 353,688  

Receivables-net

    99,199       78,266  

Inventories

    491,182       462,085  

Other current assets

    21,452       31,509  

Property and equipment-net

    1,521,898       1,526,708  

Other assets

    75,362       75,627  

TOTAL ASSETS

  $ 2,506,422     $ 2,527,883  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current maturities of long-term debt

  $ 17,521     $ 17,521  

Accounts payable, accrued expenses and current portion of other long-term liabilities

    267,889       303,101  

Deferred income taxes

    62,173       63,767  

Long-term debt

    504,074       515,102  

Other long-term liabilities

    82,952       82,643  

Total Liabilities

    934,609       982,134  

Stockholders' equity

    1,571,813       1,545,749  

TOTAL LIABILITIES AND

               

STOCKHOLDERS' EQUITY

  $ 2,506,422     $ 2,527,883  

 

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