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Ingles Markets Incorporated Class A Common Stock (IMKTA+0.71%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing reports a net income of $105.5 million, down from $210.8 million in the previous year. The decrease is attributed to the impact of Hurricane Helene, which caused significant damage to the company's operations in western North Carolina.
Total net sales for the fiscal year were $5.64 billion, compared to $5.89 billion in the prior year. The company estimates a loss of approximately $14 million in sales due to disruptions caused by the hurricane.
Gross profit decreased to $1.3 billion from $1.4 billion, with a gross margin of 23.0% compared to 23.8% in the previous year. The decrease is primarily due to a $30.4 million inventory loss resulting from the hurricane.
Operating and administrative expenses increased by $46.4 million to $1.2 billion, partly due to asset impairment losses of $4.5 million related to the hurricane.
Interest expense for the year was $21.9 million, slightly down from $22.1 million in the previous year. The company reported total debt of $532.6 million at the end of the fiscal year.
Capital expenditures for the fiscal year were $210.9 million, an increase from $173.6 million in the prior year, driven by the purchase of new sites and land parcels.
Ingles Markets operates 198 supermarkets across six states in the southeastern United States. The company plans to continue investing in store modernization and expansion in the coming fiscal year.
The company has a $150 million unsecured senior line of credit maturing in June 2026, with no borrowings outstanding as of the end of the fiscal year.
The report highlights the company's focus on maintaining a modern store base and adapting to changing consumer preferences, including the expansion of online ordering and delivery services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ingles Markets Incorporated Class A Common Stock annual 10-K report dated December 27, 2024. To report an error, please email earnings@qz.com.