Due to Hurricane Helene, Ingles recognized an impairment loss of $30.4 million related to inventory damaged or destroyed by the storm, along with a property and equipment impairment loss of $4.5 million, for the quarter and year ended Sept. 28.
Following a trend this fiscal year, for its fourth quarter ended Sept. 28, Ingles Markets Inc. reported net sales of $1.40 billion for the quarter, compared with $1.58 billion for the quarter ended Sept. 30, 2023. Q4 results of fiscal 2024 had 13 weeks versus 14 weeks for the fourth quarter of fiscal 2023.
Gross profit for Ingles’ fourth quarter totaled $299.4 million, or 21.4% of sales, while gross profit for the year-ago period was $369.7 million, or 23.3% of sales. The grocer’s net loss came to $1.5 million for the fourth quarter of fiscal 2024 quarter, compared with net income of $52.6 million for the fourth quarter of fiscal 2023. Basic and diluted losses per share for Class A Common Stock were 8 cents, for the quarter ended Sept. 28, 2024, versus basic and diluted earnings per share of $2.83 and $2.77, respectively, for the quarter ended Sept. 30, 2023. Basic and diluted losses per share for Class B Common Stock were each 7 cents for the quarter ended Sept 28, 2024, compared with basic and diluted income per share of $2.57 for the quarter ended Sept. 30, 2023.
Due to the impact of Hurricane Helene, which devastated western North Carolina, including the area where Ingles’ head office located, resulting in catastrophic flooding that caused power, communication and water outages and major road closures, the company recognized an impairment loss of $30.4 million related to inventory damaged or destroyed by the storm, along with a property and equipment impairment loss of $4.5 million, for the quarter and year ended Sept. 28, 2024. In October, Ingles estimated that the financial impact of inventory and property loss would be between $35 million and $55 million, for which it expected between $10 million to $15 million of insurance reimbursement.
“After Hurricane Helene impacted our communities, I am proud of how not only our associates came together, but our entire region,” noted Chairman of the Board Robert P. Ingle II. “We are truly thankful for all the volunteers and the outpouring of support for our region.”
