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Sep 28, 2024
Ingles Q4 2024 Earnings Report
Ingles Markets reported a net loss due to the impact of Hurricane Helene, which caused significant damage and impairment losses.
Key Takeaways
Ingles Markets, Incorporated reported a decrease in net sales and a net loss for the fourth quarter of fiscal year 2024, primarily due to the impact of Hurricane Helene. Net sales decreased to $1.40 billion from $1.58 billion, and the company reported a net loss of $1.5 million compared to a net income of $52.6 million in the same quarter last year.
Net sales decreased to $1.40 billion compared to $1.58 billion in the prior year.
Gross profit decreased to $299.4 million, or 21.4% of sales, from $369.7 million, or 23.3% of sales.
Net loss totaled $1.5 million compared to net income of $52.6 million in the prior year.
The company recognized impairment losses of $30.4 million for inventory and $4.5 million for property and equipment due to Hurricane Helene.
Forward Guidance
The Company believes its financial resources, including the line of credit and other internal and anticipated external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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