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0000050493
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2024-08-08
2024-08-08
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) |
August 8, 2024 |
INGLES MARKETS, INCORPORATED
(Exact name of registrant as specified in its charter)
| North Carolina |
0-14706 |
56-0846267 |
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
| P.O. Box 6676, Asheville, NC |
28816 |
| (Address of principal executive offices) |
(Zip Code) |
| Registrant’s telephone number, including area code |
(828) 669-2941 |
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Class A Common Stock, $0.05 par value per share
|
IMKTA
|
The NASDAQ Global Select Market
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
|
| |
|
|
Emerging growth company
|
☐ |
| |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
☐ |
Item 2.02 Results of Operations and Financial Condition.
On August 8, 2024, Ingles Markets, Incorporated ("IMKTA") issued a press release announcing financial information for its third quarter ended June 29, 2024. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 2.02.
Item 7.01 Regulation FD Disclosure.
The disclosure contained in Item 2.02 of this Current Report on Form 8-K is incorporated into this Item 7.01 by reference.
The information contained in this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) |
Exhibits. |
|
| |
|
|
| |
Exhibit Number |
Description of Exhibit |
| |
99.1
|
|
| |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
INGLES MARKETS, INCORPORATED |
| |
(Registrant) |
| |
|
|
| |
|
|
| Date: August 8, 2024 |
By: |
/s/ Patricia E. Jackson |
| |
|
Patricia E. Jackson |
| |
|
Chief Financial Officer |
Exhibit 99.1
|
Ingles Markets, Inc.
Contact: Pat Jackson, Chief Financial Officer
pjackson@ingles-markets.com
(828) 669-2941 (Ext. 223)
|
August 8, 2024
For Immediate Release
|
Ingles Markets, Incorporated Reports Results for Third Quarter
and First Nine Months of Fiscal 2024
ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 29, 2024.
Robert P. Ingle II, Chairman of the Board, stated, “We continue to stay focused on our goal of providing excellent customer service and products at affordable prices. We would like to thank all our associates for their hard work and dedication.”
Third Quarter Results
Net sales totaled $1.39 billion for the quarter ended June 29, 2024, compared with $1.43 billion for the quarter ended June 24, 2023.
Gross profit for the third quarter of fiscal 2024 totaled $329.8 million, or 23.7% of sales. Gross profit for the third quarter of fiscal 2023 was $338.1 million, or 23.6% of sales.
Operating and administrative expenses for the third quarter of fiscal 2024 totaled $286.3 million compared with $270.9 million for the third quarter of fiscal 2023.
Interest expenses totaled $5.4 million for the third quarter of fiscal 2024 and for the third quarter of fiscal 2023.
Net income totaled $31.7 million for the third quarter of fiscal 2024, as compared with $48.3 million for the third quarter of fiscal 2023. Basic and diluted earnings per share for Class A Common Stock were $1.71 and $1.67, respectively, for the quarter ended June 29, 2024, as compared with $2.60 and $2.54, respectively, for the quarter ended June 24, 2023. Basic and diluted earnings per share for Class B Common Stock were each $1.55 for the quarter ended June 29, 2024, as compared with $2.36 for the quarter ended June 24, 2023.
Nine Month Results
Net sales totaled $4.24 billion for the nine months ended June 29, 2024, as compared with $4.31 billion for the nine months ended June 24, 2023.
Gross profit for the nine months ended June 29, 2024, totaled $1.00 billion, or 23.6% of sales. Gross profit for the nine months ended June 24, 2023, totaled $1.04 billion, or 24.0% of sales.
Operating and administrative expenses totaled $860.8 million for the nine months ended June 29, 2024, as compared to $816.0 million for the nine months ended June 24, 2023.
Interest expenses totaled $16.7 million for the nine-month period ended June 29, 2024, and $16.1 million for the nine-month period ended June 24, 2023.
Net income totaled $107.0 million for the nine-month period ended June 29, 2024, compared with $158.2 million for the nine-month period ended June 24, 2023. Basic and diluted earnings per share for Class A Common Stock were $5.76 and $5.63, respectively, for the nine months ended June 29, 2024, as compared with $8.51 and $8.33, respectively, for the nine months ended June 24, 2023. Basic and diluted earnings per share for Class B Common Stock were each $5.23 for the nine months ended June 29, 2024, as compared with $7.74 of basic and diluted earnings per share for the nine months ended June 24, 2023.
Capital expenditures for the June 2024 nine-month period totaled $143.0 million, compared with $137.1 million for the June 2023 nine-month period. Capital expenditures for the entire fiscal year 2024 are expected to be approximately $170 million to $190 million.
The Company currently has no outstanding borrowings under its $150.0 million line of credit. 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.
About Ingles Markets, Incorporated
Ingles Markets, Incorporated is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 198 supermarkets. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain an Ingles supermarket. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit ingles-markets.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things: business and economic conditions generally in the Company’s operating area, including inflation or deflation; shortages of labor, distribution capacity, and some product shortages; inflation in food, labor and gasoline prices; the Company’s ability to successfully implement our expansion and operating strategies; pricing pressures and other competitive factors, including online-based procurement of products the Company sells; sudden or significant changes in the availability of gasoline and retail gasoline prices; the maturation of new and expanded stores; general concerns about food safety; the Company’s ability to manage technology and data security; the availability and terms of financing; and increases in costs, including food, utilities, labor and other goods and services significant to the Company’s operations. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.
INGLES MARKETS, INCORPORATED
(Amounts in thousands except per share data)
Unaudited Financial Highlights
Condensed Consolidated Statements of Income (Unaudited)
| |
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
| |
|
June 29,
|
|
|
June 24,
|
|
|
June 29,
|
|
|
June 24,
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
1,393,539 |
|
|
$ |
1,433,869 |
|
|
$ |
4,242,081 |
|
|
$ |
4,307,787 |
|
|
Gross profit
|
|
|
329,758 |
|
|
|
338,101 |
|
|
|
1,000,444 |
|
|
|
1,035,196 |
|
|
Operating and administrative expenses
|
|
|
286,250 |
|
|
|
270,911 |
|
|
|
860,839 |
|
|
|
815,981 |
|
|
Gain from sale or disposal of assets
|
|
|
643 |
|
|
|
116 |
|
|
|
8,982 |
|
|
|
1,493 |
|
|
Income from operations
|
|
|
44,151 |
|
|
|
67,306 |
|
|
|
148,587 |
|
|
|
220,708 |
|
|
Other income, net
|
|
|
3,554 |
|
|
|
2,115 |
|
|
|
10,542 |
|
|
|
5,291 |
|
|
Interest expense
|
|
|
5,359 |
|
|
|
5,442 |
|
|
|
16,653 |
|
|
|
16,133 |
|
|
Income tax expense
|
|
|
10,624 |
|
|
|
15,719 |
|
|
|
35,462 |
|
|
|
51,695 |
|
|
Net income
|
|
$ |
31,722 |
|
|
$ |
48,260 |
|
|
$ |
107,014 |
|
|
$ |
158,171 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share – Class A
|
|
$ |
1.71 |
|
|
$ |
2.60 |
|
|
$ |
5.76 |
|
|
$ |
8.51 |
|
|
Diluted earnings per common share – Class A
|
|
$ |
1.67 |
|
|
$ |
2.54 |
|
|
$ |
5.63 |
|
|
$ |
8.33 |
|
|
Basic earnings per common share – Class B
|
|
$ |
1.55 |
|
|
$ |
2.36 |
|
|
$ |
5.23 |
|
|
$ |
7.74 |
|
|
Diluted earnings per common share – Class B
|
|
$ |
1.55 |
|
|
$ |
2.36 |
|
|
$ |
5.23 |
|
|
$ |
7.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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Additional selected information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense
|
|
$ |
29,509 |
|
|
$ |
28,847 |
|
|
$ |
87,532 |
|
|
$ |
86,817 |
|
|
Rent expense
|
|
$ |
2,534 |
|
|
$ |
2,532 |
|
|
$ |
7,591 |
|
|
$ |
7,861 |
|
Condensed Consolidated Balance Sheets (Unaudited)
| |
|
June 29,
|
|
|
Sept. 30,
|
|
| |
|
2024
|
|
|
2023
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
354,759 |
|
|
$ |
328,540 |
|
|
Receivables-net
|
|
|
99,610 |
|
|
|
107,571 |
|
|
Inventories
|
|
|
483,546 |
|
|
|
493,860 |
|
|
Other current assets
|
|
|
24,797 |
|
|
|
22,586 |
|
|
Property and equipment-net
|
|
|
1,497,177 |
|
|
|
1,431,872 |
|
|
Other assets
|
|
|
85,833 |
|
|
|
89,417 |
|
|
TOTAL ASSETS
|
|
$ |
2,545,722 |
|
|
$ |
2,473,846 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$ |
17,521 |
|
|
$ |
17,527 |
|
|
Accounts payable, accrued expenses and current portion of other long-term liabilities
|
|
|
304,858 |
|
|
|
313,007 |
|
|
Deferred income taxes
|
|
|
65,187 |
|
|
|
67,187 |
|
|
Long-term debt
|
|
|
518,349 |
|
|
|
532,632 |
|
|
Other long-term liabilities
|
|
|
85,973 |
|
|
|
84,521 |
|
|
Total Liabilities
|
|
|
991,888 |
|
|
|
1,014,874 |
|
|
Stockholders' equity
|
|
|
1,553,834 |
|
|
|
1,458,972 |
|
|
TOTAL LIABILITIES AND
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
$ |
2,545,722 |
|
|
$ |
2,473,846 |
|
v3.24.2.u1
Document And Entity Information
|
Aug. 08, 2024 |
| Document Information [Line Items] |
|
| Entity, Registrant Name |
INGLES MARKETS, INCORPORATED
|
| Document, Type |
8-K
|
| Document, Period End Date |
Aug. 08, 2024
|
| Entity, Incorporation, State or Country Code |
NC
|
| Entity, File Number |
0-14706
|
| Entity, Tax Identification Number |
56-0846267
|
| Entity, Address, Address Line One |
P.O. Box 6676
|
| Entity, Address, City or Town |
Asheville
|
| Entity, Address, State or Province |
NC
|
| Entity, Address, Postal Zip Code |
28816
|
| City Area Code |
828
|
| Local Phone Number |
669-2941
|
| Written Communications |
false
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false
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| Pre-commencement Tender Offer |
false
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false
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| Title of 12(b) Security |
Class A Common Stock
|
| Trading Symbol |
IMKTA
|
| Security Exchange Name |
NASDAQ
|
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false
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Ingles Markets (NASDAQ:IMKTA)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Ingles Markets (NASDAQ:IMKTA)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
