---
schema_version: "secwatch.filing_event.v1"
accession: "0001157523-23-000726"
form_type: "8-K"
ticker: "IMKTA"
cik: "0000050493"
company_name: "INGLES MARKETS INC"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T23:17:55.011688+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Ingles Q2 net income falls to $40.5M from $68.6M; EPS $2.18 vs $3.70

## Summary
- Q2 net sales $1.381B (+0.25% YoY); gross margin contracted to 23.6% from 25.3%.
- Operating expenses rose to $268.9M from $254.7M, pressuring margins.
- First-half net income $109.9M vs $134.8M YoY; diluted EPS $5.79 vs $7.10.
- Capital expenditures surged to $91.4M in H1 from $34.1M a year ago.
- No outstanding borrowings on $150M line of credit; total debt $556.7M.

## SEC filing metadata
- accession: 0001157523-23-000726
- form_type: 8-K
- ticker: IMKTA
- cik: 0000050493
- company_name: INGLES MARKETS INC
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/50493/000115752323000726/0001157523-23-000726-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/50493/000115752323000726/a53393109.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001157523-23-000726
- JSON: https://secwatch.observer/filing/0001157523-23-000726.json
- Plain text: https://secwatch.observer/filing/0001157523-23-000726.txt

## Key facts
- Earnings Releases
  INGLES MARKETS INC reported second quarter ended March 25, 2023 results: revenue $1.381 billion, net income $40.5 million, EPS $2.18 and $2.13, respectively.
  - Period: second quarter ended March 25, 2023
  - Revenue: $1.381 billion
  - Net income: $40.5 million
  - EPS: $2.18 and $2.13, respectively
  - Result: reported results
  source text: of our customer-driven associates, who helped us provide affordable, high-quality products in an inflationary environment.” Second Quarter 2023 Results Net sales totaled $1.381 billion for the quarter ended March 25, 2023, an increase of 0.25% compared with $1.377 billion for the quarter ended March 26, 2022. Gross profit for the second quarter of fiscal 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000115752323000726/0001157523-23-000726-index.htm
- Earnings Releases
  INGLES MARKETS INC reported six months ended March 25, 2023 results: revenue $2.87 billion, net income $109.9 million, EPS $5.92 and $5.79, respectively.
  - Period: six months ended March 25, 2023
  - Revenue: $2.87 billion
  - Net income: $109.9 million
  - EPS: $5.92 and $5.79, respectively
  - Result: reported results
  source text: March 25, 2023, as compared with $3.70 and $3.61, respectively, for the quarter ended March 26, 2022. First Half Fiscal 2023 Results First half fiscal 2023 net sales totaled $2.87 billion, an increase of 3.8% compared with $2.77 billion in the first half of fiscal 2022. Gross profit for the six months ended March 25, 2023, totaled $697.1 million, as compared with
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000115752323000726/0001157523-23-000726-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.