Ingles Markets Reports Lower Q3 Sales, Net Income

Third-quarter sales at Ingles Markets were down slightly, as the grocer also reported a decrease in net income.

For the three months ended June 28, net sales were $1.35 billion, down from $1.39 billion in the comparable quarter a year ago. Net income was $26.2 million, a decrease from $31.7 million in the third quarter of fiscal 2024.

Net sales for the first nine months of the year were $3.97 billion, down from $4.24 billion for the comparable period in 2024. Net income for the nine-month period ended June 28, 2025, totaled $57.9 million, compared with $107 million for the same period ended June 29, 2024.

Capital expenditures for the nine months ended June 28 were $91.4 million, compared with $143 million for the nine months ended June 28, 2024. Capital expenditures for the entire 2025 fiscal year are expected to be approximately $120 million to $160 million.

As of June 28, Ingles had only a single letter of credit for $500,000 outstanding under its $150 million line of credit and had no other borrowings outstanding. The company 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.