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Ingles Markets Incorporated Class A Common Stock (IMKTA-0.26%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports a decrease in net sales to $1.29 billion from $1.48 billion in the same quarter the previous year. This decline is attributed to the impact of Hurricane Helene, which caused temporary store closures and operational disruptions.
Gross profit for the quarter was $301.1 million, down from $348.8 million in the previous year. The gross profit margin slightly decreased to 23.4% from 23.6%.
Operating and administrative expenses decreased to $280.7 million from $289.8 million, with the decrease partially offset by $5.4 million in hurricane-related cleanup and repair costs.
Net income for the quarter was $16.6 million, compared to $43.4 million in the previous year. Basic and diluted earnings per share for Class A Common Stock were $0.89 and $0.87, respectively.
The company reported cash used in operating activities of $43.6 million, compared to cash provided by operating activities of $15.5 million in the previous year, primarily due to lower net income and higher working capital needs.
Capital expenditures for the quarter totaled $37.8 million, with plans for fiscal 2025 investments ranging from $120 to $160 million, focusing on store improvements and technology upgrades.
The company maintains a $150 million line of credit maturing in June 2026, with no outstanding borrowings under the line as of December 28, 2024.
Ingles Markets continues to pay regular quarterly cash dividends, with $0.165 per share for Class A Common Stock and $0.15 for Class B Common Stock paid on January 16, 2025.
The filing also discusses the impact of Hurricane Helene, which caused significant damage to the company's operations, resulting in inventory and property losses, as well as ongoing repair costs.
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 quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.