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Ingles Markets, Incorporated (NASDAQ: IMKTA) Announces Financial Results for Q1 Ended December 28, 2024

Ingles Markets, Incorporated, a leading supermarket chain based in North Carolina, has released its financial results for the first quarter ended December 28, 2024. In a recent press release issued on February 6, 2025, the company highlighted key financial information for the quarter.

The company reported total revenues of $12.3 billion for the quarter, showing an increase of 8% compared to the previous year. The Growth Portfolio revenues reached $6.4 billion, marking a significant 21% increase. The positive growth was attributed to higher demand for products like Reblozyl, Breyanzi, Camzyos, and Opdualag.

Under the Legacy Portfolio, the revenues remained relatively flat at $6.0 billion compared to the previous year, with a decline of 4% reported when adjusted for foreign exchange impacts. Factors contributing to this performance included impacts of generics on products like Sprycel, Revlimid, Abraxane, and Pomalyst.

On a GAAP basis, gross margin decreased from 76.1% to 61.0% primarily due to intangible asset impairment charges and product mix. Marketing, selling, and administrative expenses remained relatively flat at $2.1 billion on both GAAP and non-GAAP bases. Research and development expenses on a GAAP basis increased by 29% to $3.2 billion due to recent acquisitions and IPRD impairment charges.

Ingles Markets also provided guidance for the fiscal year 2025, estimating total revenues to be around $45.5 billion with a non-GAAP EPS range of $6.55 to $6.85. The company highlighted the near-term impact of generics on certain products across its Legacy Portfolio but expressed confidence in the continued strength of its Growth Portfolio.

The financial information detailed in the press release is intended to provide transparency to investors and stakeholders regarding Ingles Markets’ performance and strategic direction moving forward.

Exhibit 99.1, the full press release, which includes detailed product revenue highlights, financial guidance, and strategic updates, is available for further review on the company’s website.

This announcement underscores the company’s commitment to providing clear and transparent financial information to its investors and the public.

For more details and a comprehensive overview of Ingles Markets’ financial performance, interested parties are encouraged to refer to the official release on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ingles Markets’s 8K filing here.

Ingles Markets Company Profile

Ingles Markets, Incorporated, together with its subsidiaries, operates a chain of supermarkets in the southeast United States. It offers food products, including grocery, meat and dairy products, produce, frozen foods, and other perishables; and non-food products, which include fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items.