---
schema_version: "secwatch.filing_event.v1"
accession: "0001157523-23-001244"
form_type: "8-K"
ticker: "IMKTA"
cik: "0000050493"
company_name: "INGLES MARKETS INC"
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T09:51:29.799813+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Ingles Markets Q3 net income down 29% YoY to $48.3M; EPS $2.60 vs $3.65

## Summary
- Net sales $1.43B vs $1.46B YoY, down 2.1%; gross margin fell to 23.6% from 24.1%.
- Operating expenses rose to $270.9M from $257.3M, pressuring margins.
- 9-month EPS $8.51 (Class A) vs $10.91 YoY; net income $158.2M vs $202.6M.
- Capex $137.1M YTD vs $73.2M; FY2023 capex guided $170M-$190M.
- No outstanding borrowings on $150M credit line; liquidity cited as sufficient.

## SEC filing metadata
- accession: 0001157523-23-001244
- form_type: 8-K
- ticker: IMKTA
- cik: 0000050493
- company_name: INGLES MARKETS INC
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/50493/000115752323001244/0001157523-23-001244-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/50493/000115752323001244/a53505573.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001157523-23-001244
- JSON: https://secwatch.observer/filing/0001157523-23-001244.json
- Plain text: https://secwatch.observer/filing/0001157523-23-001244.txt

## Key facts
- Earnings Releases
  INGLES MARKETS INC reported the nine months ended June 24, 2023 results: revenue $4.31 billion, net income $158.2 million, EPS $8.51 and $8.33.
  - Period: the nine months ended June 24, 2023
  - Revenue: $4.31 billion
  - Net income: $158.2 million
  - EPS: $8.51 and $8.33
  - Result: reported results
  source text: Net sales totaled $4.31 billion for the nine months ended June 24, 2023, as compared with $4.23 billion for the nine months ended June 25, 2022. Gross profit for the nine months ended June 24, 2023, totaled $1.04 billion, or 24.0% of sales. Gross profit for the nine months ended June 25, 2022, totaled $1.05 billion, or 24.9% of sales. Operating and administrative expenses totaled $816.0 million for the nine months ended June 24, 2023, as compared to $772.2 million for the nine months ended June 25, 2022. Interest expenses remained flat at $16.1 million for both nine-month periods ended June 24, 2023, and June 25, 2022. Net income totaled $158.2 million for the nine-month period ended June 24, 2023, compared with $202.6 million for the nine-month period ended June 25, 2022. Basic and diluted earnings per share for Class A Common Stock were $8.51 and $8.33, respectively, for the nine months ended June 24, 2023, as compared with $10.91 and $10.67, respectively, for the nine months ended J
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000115752323001244/0001157523-23-001244-index.htm
- Earnings Releases
  INGLES MARKETS INC reported the quarter ended June 24, 2023 results: revenue $1.43 billion, net income $48.3 million, EPS $2.60 and $2.54.
  - Period: the quarter ended June 24, 2023
  - Revenue: $1.43 billion
  - Net income: $48.3 million
  - EPS: $2.60 and $2.54
  - Result: reported results
  source text: Net sales totaled $1.43 billion for the quarter ended June 24, 2023, compared with $1.46 billion for the quarter ended June 25, 2022. Gross profit for the third quarter of fiscal 2023 totaled $338.1 million, or 23.6% of sales. Gross profit for the third quarter of fiscal 2022 was $351.9 million, or 24.1% of sales. Operating and administrative expenses for the third quarter of fiscal 2023 totaled $270.9 million compared with $257.3 million for the third quarter of fiscal 2022. Interest expenses totaled $5.4 million for the third quarter of fiscal 2023, as compared with $5.3 million for the third quarter of fiscal 2022. Net income totaled $48.3 million for the third quarter of fiscal 2023, as compared with $67.8 million for the third quarter of fiscal 2022. Basic and diluted earnings per share for Class A Common Stock were $2.60 and $2.54, respectively, for the quarter ended June 24, 2023, as compared with $3.65 and $3.57, respectively, for the quarter ended June 25, 2022. Basic and dilu
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000115752323001244/0001157523-23-001244-index.htm

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