Ingles Markets Q1 net income falls 37% to $43.4M; diluted EPS $2.28 vs $3.65

INGLES MARKETS INC

Net sales $1.48B, down 0.8% YoY; gross margin narrowed to 23.6% from 24.9%.
Net income $43.4M vs $69.4M; diluted EPS $2.28 vs $3.65 a year ago.
Operating expenses rose to $289.8M from $276.2M; interest expense $5.7M vs $5.3M.
Total debt $546.9M, down from $564.5M; no borrowings under $150M credit line.
Capital expenditures $63.2M vs $59.3M; liquidity sufficient for planned needs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

INGLES MARKETS INC reported Q1 2024 ended December 30, 2023 results: revenue $1.48 billion, net income $43.4 million, EPS $2.33 per diluted share.

Period: Q1 2024 ended December 30, 2023
Revenue: $1.48 billion
Net income: $43.4 million
EPS: $2.33 per diluted share
Result: reported results

Exact text from the filing

on providing service and value to our customers. We are grateful to our associates for their continued dedication and service.” First Quarter 2024 Results Net sales totaled $1.48 billion for the quarter ended December 30, 2023, a decrease of 0.8% compared with $1.49 billion for the quarter ended December 24, 2022. Gross profit for the first quarter of fiscal 2024

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Source: SEC EDGAR

accession 0001157523-24-000198

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