---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-015458"
form_type: "8-K"
ticker: "IMKTA"
cik: "0000050493"
company_name: "INGLES MARKETS INC"
filed_at: "2024-05-09T23:59:59+00:00"
generated_at: "2026-06-02T07:25:31.166433+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Ingles Markets Q2 net income falls 21% to $31.9M; EPS $1.72 vs $2.18

## Summary
- Q2 sales $1.37B (-0.95% YoY); gross margin 23.5% vs 23.6%.
- Operating expenses rose to $284.8M from $268.9M, pressuring margins.
- First-half net income $75.3M vs $109.9M; basic EPS $4.05 vs $5.92.
- Debt reduced to $539.1M; no borrowings on $150M line of credit.
- Capex $98.4M in H1; company expects sufficient liquidity for needs.

## SEC filing metadata
- accession: 0001437749-24-015458
- form_type: 8-K
- ticker: IMKTA
- cik: 0000050493
- company_name: INGLES MARKETS INC
- filed_at: 2024-05-09T23:59:59+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/50493/000143774924015458/0001437749-24-015458-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/50493/000143774924015458/imkta20240508_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-015458
- JSON: https://secwatch.observer/filing/0001437749-24-015458.json
- Plain text: https://secwatch.observer/filing/0001437749-24-015458.txt

## Key facts
- Earnings Releases
  INGLES MARKETS INC reported six months ended March 30, 2024 results: revenue $2.85 billion, net income $75.3 million, EPS $4.05 and $3.96.
  - Period: six months ended March 30, 2024
  - Revenue: $2.85 billion
  - Net income: $75.3 million
  - EPS: $4.05 and $3.96
  - Result: reported results
  source text: March 30, 2024, as compared with $2.18 and $2.13, respectively, for the quarter ended March 25, 2023. First Half Fiscal 2024 Results First half fiscal 2024 net sales totaled $2.85 billion, a decrease of 0.88% compared with $2.87 billion in the first half of fiscal 2023. Gross profit for the six months ended March 30, 2024, totaled $670.7 million, as compared with
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000143774924015458/0001437749-24-015458-index.htm
- Earnings Releases
  INGLES MARKETS INC reported second quarter ended March 30, 2024 results: revenue $1.37 billion, net income $31.9 million, EPS $1.72 and $1.68.
  - Period: second quarter ended March 30, 2024
  - Revenue: $1.37 billion
  - Net income: $31.9 million
  - EPS: $1.72 and $1.68
  - Result: reported results
  source text: stated, “We are pleased with our results and thank all our associates for their continued service to our customers and company.” Second Quarter 2024 Results Net sales totaled $1.37 billion for the quarter ended March 30, 2024, a decrease of 0.95% compared with $1.38 billion for the quarter ended March 25, 2023. Gross profit for the second quarter of fiscal 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/50493/000143774924015458/0001437749-24-015458-index.htm

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