Ingles Markets Q3 net income falls 17% to $26.2M; sales down 2.9%

INGLES MARKETS INC

Q3 net sales $1.35B vs $1.39B a year ago; gross margin improved to 24.3% from 23.7%.
Q3 diluted EPS Class A $1.38 vs $1.67; nine-month diluted EPS $3.05 vs $5.63.
Nine-month net income $57.9M vs $107.0M; operating expenses essentially flat.
Total debt $518.0M, down from $535.9M; no borrowings on $150M credit line.
FY2025 capex expected $120M–$160M vs $143.0M spent in prior-year nine months.

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