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ASHEVILLE, N.C. — Ingles Markets Inc. reported sales and earnings for the third quarter and year-to-date period that were down from the comparable periods last year.
Net sales totaled $1.39 billion for the quarter ended June 29, 2024, down from $1.43 billion for last year's third quarter. Gross profit for the third quarter totaled $329.8 million, or 23.7% of sales, versus $338.1 million, or 23.6% of sales, in the prior year period.
Net income totaled $31.7 million for fiscal quarter, down from $48.3 million for the prior year period. Basic and diluted earnings per share for Class A Common Stock were $1.71 and $1.67, respectively, for the quarter, down from $2.60 and $2.54, respectively, compared to the comparable period last year. Basic and diluted earnings per share for Class B Common Stock were each $1.55, down from $2.36.
For the nine-month year-to-date period, net sales totaled $4.24 billion, compared with $4.31 billion for comparable prior year period. Net income totaled $107.0 million, down from $158.2 million.
Capital expenditures for the nine-month period totaled $143.0 million, compared with $137.1 million last year. Capital expenditures for the entire fiscal year 2024 are expected to be approximately $170 million to $190 million.
The company said it currently has no outstanding borrowings under its $150.0 million line of credit, and believes its financial resources, including its line of credit and other internal and external sources of funds, will be sufficient to meet planned capital expenditures, debt service and working capital requirements for the foreseeable future.
“We continue to stay focused on our goal of providing excellent customer service and products at affordable prices," company chairman Robert P. Ingle II said in a statement.
