---
schema_version: "secwatch.filing_event.v1"
accession: "0001157523-24-000198"
form_type: "8-K"
ticker: "IMKTA"
cik: "0000050493"
company_name: "INGLES MARKETS INC"
filed_at: "2024-02-08T23:59:59+00:00"
generated_at: "2026-06-06T06:00:19.594652+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001157523-24-000198
- form_type: 8-K
- ticker: IMKTA
- cik: 0000050493
- company_name: INGLES MARKETS INC
- filed_at: 2024-02-08T23:59:59+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/50493/000115752324000198/0001157523-24-000198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/50493/000115752324000198/a53893637.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001157523-24-000198
- JSON: https://secwatch.observer/filing/0001157523-24-000198.json
- Plain text: https://secwatch.observer/filing/0001157523-24-000198.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000115752324000198/0001157523-24-000198-index.htm

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