ASHEVILLE, NC - Ingles Markets, Incorporated reported results for the quarter and year ended September 27, 2025.

Robert P. Ingle II, Chairman of the Board, stated in the release, “We continue to make improvements in the company to strengthen the customer experience. We want to thank our associates for their hard work and dedication during this past challenging year.”

Fourth Quarter Results

• Net sales totaled $1.37 billion for the quarter ended September 27, 2025, compared with $1.40 billion for the quarter ended September 28, 2024. Fourth quarter results for fiscal 2025 and 2024 each consisted of 13 weeks of operations.
• Gross profit for the fourth quarter of fiscal 2025 totaled $334.7 million, or 24.5% of sales. Gross profit for the fourth quarter of fiscal 2024 was $299.4 million, or 21.4% of sales.
• Operating and administrative expenses for the fourth quarter of fiscal 2025 totaled $299.0 million compared with $301.0 million for the fourth quarter of fiscal 2024.
• Interest expense totaled $5.0 million for the fourth quarter of fiscal 2025 compared with $5.2 million for the fourth quarter of fiscal 2024. Total debt at the end of fiscal 2025 was $514.8 million compared with $532.6 million at the end of fiscal 2024.
• Net income totaled $25.7 million for the fourth quarter of fiscal 2025 compared with a net loss of $1.5 million for the fourth quarter of fiscal 2024. For the quarter and year ended September 28, 2024, the Company recognized an impairment loss of $30.4 million related to inventory damaged or destroyed by Hurricane Helene. Additionally, the Company recognized a property and equipment impairment loss of $4.5 million for the quarter and year ended September 28, 2024. Basic and diluted earnings per share for Class A Common Stock were $1.38 and $1.35, respectively, for the quarter ended September 27, 2025, as compared with basic and diluted loss per share of $0.08 for the quarter ended September 28, 2024. Basic and diluted earnings per share for Class B Common Stock were each $1.26 for the quarter ended September 27, 2025, as compared with basic and diluted losses per share of $0.07 for the quarter ended September 28, 2024.

Annual Results

• Net sales totaled $5.33 billion for the fiscal year ended September 27, 2025, compared with $5.64 billion for the fiscal year ended September 28, 2024. The fiscal years ended September 27, 2025, and September 28, 2024, each consisted of 52 weeks of operations.
• Gross profit for the fiscal year ended September 27, 2025, totaled $1.27 billion, or 23.9% of sales. Gross profit for the fiscal year ended September 28, 2024, totaled $1.30 billion, or 23.0% of sales.
• Operating and administrative expenses totaled $1.159 billion for the fiscal year ended September 27, 2025, and $1.162 billion for the fiscal year ended September 28, 2024.
• Interest expense was $19.7 million for the fiscal year ended September 27, 2025, compared with $21.9 million for the fiscal year ended September 28, 2024.
• Net income totaled $83.6 million for the fiscal year ended September 27, 2025, compared with $105.5 million for the fiscal year ended September 28, 2024. Basic and diluted earnings per share for Class A Common Stock were $4.50 and $4.40, respectively, for the fiscal year ended September 27, 2025, as compared with $5.68 and $5.56, respectively, for the fiscal year ended September 28, 2024. Basic and diluted earnings per share for Class B Common Stock were each $4.09 for the fiscal year ended September 27, 2025, as compared with basic and diluted earnings per share of $5.16 for the fiscal year ended September 28, 2024.
• Capital expenditures for the 2025 fiscal year totaled $114.5 million compared with $210.9 million for the 2024 fiscal year.

As of September 27, 2025, the Company had only a single letter of credit in the amount of $500,000 outstanding under its $150.0 million line of credit and otherwise had no borrowings outstanding thereunder. 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.