Ingles Market Q1 Revenue Down Slightly

First quarter sales at Ingles Market were down slightly as the grocer also reported a decline in net income for the period ended December 30. 

Net sales totaled $1.48 billion for the quarter, a decrease of 0.8% compared with $1.49 billion for the comparable quarter the previous year.

Net income totaled $43.4 million for the first quarter of fiscal 2024 compared with $69.4 million for the first quarter of fiscal 2023. Basic and diluted earnings per share were $2.33 and $2.28, respectively, for the quarter ended December 30, 2023, compared with $3.73 and $3.65, respectively, for the quarter ended December 24, 2022.

“During the quarter, we remained focused on providing service and value to our customers,” said Robert P. Ingle II, Ingles Market’s chairman of the board. “We are grateful to our associates for their continued dedication and service.”

Operating and administrative expenses for the first quarter of fiscal 2024 totaled $289.8 million compared with $276.2 million for the first quarter of fiscal 2023. Capital expenditures for the first quarter of fiscal 2024 totaled $63.2 million compared with $59.3 million for the first quarter of fiscal 2023.

The company has no outstanding borrowings under its $150 million line of credit. 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.