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ASHEVILLE, N.C.--(BUSINESS WIRE)-- Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported sales for the three and six months ended March 29, 2025.

Robert P. Ingle II, Chairman of the Board, stated, 鈥淲e continue to support our stores and thank our associates for their hard work delivering value to our customers.鈥�

Second Quarter 2025 Results

Net sales totaled $1.33 billion for the quarter ended March 29, 2025, a decrease of 2.7% compared with $1.37 billion for the quarter ended March 30, 2024.

Gross profit for the second quarter of fiscal 2025 totaled $311.0 million, or 23.4% of sales. Gross profit for the second quarter of fiscal 2024 was $321.9 million, or 23.5% of sales.

Operating and administrative expenses for the second quarter of fiscal 2025 totaled $289.1 million, as compared with $284.8 million for the second quarter of fiscal 2024.

Interest expense totaled $4.9 million for the second quarter of fiscal 2025, as compared with $5.6 million for the second quarter of fiscal 2024.

Net income totaled $15.1 million for the second quarter of fiscal 2025, as compared with $31.9 million for the second quarter of fiscal 2024. Basic and diluted earnings per share for Class A Common Stock were $0.81 and $0.80, respectively, for the quarter ended March 29, 2025, as compared with $1.72 and $1.68, respectively, for the quarter ended March 30, 2024.

First Half Fiscal 2025 Results

First half fiscal 2025 net sales totaled $2.62 billion, a decrease of 8.0% compared with $2.85 billion in the first half of fiscal 2024.

Gross profit for the six months ended March 29, 2025, totaled $612.1 million, as compared with $670.7 million for the first six months of fiscal 2024. Gross profit, as a percentage of sales, was 23.4% for the first half of fiscal 2025, compared with 23.5% for the first half of fiscal 2024.

Operating and administrative expenses totaled $569.9 million for the six months ended March 29, 2025, as compared to $574.6 million for the six months ended March 30, 2024.

Interest expense decreased to $9.9 million for the six-month period ended March 29, 2025, as compared with $11.3 million for the six-month period ended March 30, 2024. Total debt as of March 29, 2025 was $521.6 million compared with $539.1 million as of March 30, 2024.

Net income totaled $31.7 million for the six-month period ended March 29, 2025, as compared with $75.3 million for the six-month period ended March 30, 2024. Basic and diluted earnings per share for Class A Common Stock were $1.70 and $1.67, respectively, for the six months ended March 29, 2025, as compared to $4.05 and $3.96, respectively, for the six months ended March 30, 2024.

Capital expenditures for the first half of fiscal 2025 totaled $62.0 million compared with $98.4 million for the first half of fiscal 2024.

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

is a leading grocer with operations in six southeastern states. Headquartered in Asheville, North Carolina, the Company operates 197 supermarkets. At March 29, 2025, three of the four stores temporarily closed due to damage sustained in Hurricane Helene remained closed but are expected to reopen at various times during 2025 or 2026. In conjunction with its supermarket operations, the Company operates neighborhood shopping centers, most of which contain Ingles supermarkets. The Company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers. To learn more about Ingles Markets visit .

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain 鈥渇orward-looking statements鈥� 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 鈥渁nticipate,鈥� 鈥渁im,鈥� 鈥渂elieve,鈥� 鈥渃ontinue,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥減lan,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥減redict,鈥� 鈥減roject,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渨ould鈥� and the negative of these terms, and similar references to future periods. These statements are based on management鈥檚 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鈥檚 operating area, including inflation or deflation; shortages of labor, distribution capacity, and some product shortages; inflation in food, labor and gasoline prices; the Company鈥檚 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鈥檚 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鈥檚 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.

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Ingles Markets, Inc.

Pat Jackson, Chief Financial Officer

[email protected]

(828) 669-2941 (Ext. 223)

Source: Ingles Markets, Incorporated