Ingles Markets Inc. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Ingles Markets Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and segment data.</b>

AI Summary

INGLES MARKETS INC (IMKTA) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Ingles Markets Inc. filed a 10-Q report for the period ending December 30, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 28. The filing includes data points related to various financial statement members such as Retained Earnings, Accumulated Other Comprehensive Income, and Common Stock. Specific segments like Perishables, Non-Foods, Grocery, and Gasoline are detailed for the reporting periods.

Why It Matters

For investors and stakeholders tracking INGLES MARKETS INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Ingles Markets Inc., crucial for understanding the company's performance in the current fiscal quarter. The detailed segment information allows for a deeper analysis of which business areas are driving revenue and growth, aiding investment decisions.

Risk Assessment

Risk Level: low — INGLES MARKETS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent unusual or high-risk disclosures.

Analyst Insight

Monitor future filings for trends in segment performance and any changes in financial health indicators.

Revenue Breakdown

Key Numbers

• 20231230 — Reporting Period End Date (Conformed period of report)
• 20240208 — Filing Date (Filed as of date)
• Q1 2024 — Fiscal Quarter (Indicates the quarter covered by the report)
• 0928 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• INGLES MARKETS INC (company) — Filer name
• 20231230 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• NC (location) — State of incorporation
• ASHEVILLE (location) — City for business and mail address
• 828-669-2941 (phone) — Business phone
• IMKTA (ticker) — Ticker symbol
• 5411 (sic_code) — Standard Industrial Classification code for Grocery Stores

Forward-Looking Statements

• Ingles Markets Inc. will continue to face revenue volatility due to its gasoline sales segment. (Ingles Markets Inc.) — medium confidence, target: 2024-09-28
• The company will maintain strong gross profit margins in its core grocery business, offsetting some of the gasoline sales fluctuations. (Ingles Markets Inc.) — medium confidence, target: 2024-09-28

FAQ

Industry Context

Ingles Markets Inc. operates as a grocery store retailer. This filing provides a standard quarterly update on its financial condition and operational performance.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare the segment performance data with previous quarters and industry benchmarks.
3. Analyze any disclosures related to debt, cash flow, and equity for insights into financial stability.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the annual report (10-K) for fiscal year 2023.

Key Financial Figures

• $0.05 — hich registered Class A Common Stock, $0.05 par value per share IMKTA The NASDA

Filing Documents

• imkt-20231230x10q.htm (10-Q) — 1760KB
• imkt-20231230xex31_1.htm (EX-31.1) — 19KB
• imkt-20231230xex31_2.htm (EX-31.2) — 19KB
• imkt-20231230xex32_1.htm (EX-32.1) — 10KB
• imkt-20231230xex32_2.htm (EX-32.2) — 8KB
• 0000050493-24-000004.txt (&nbsp;) — 6508KB
• imkt-20231230.xsd (EX-101.SCH) — 31KB
• imkt-20231230_cal.xml (EX-101.CAL) — 59KB
• imkt-20231230_def.xml (EX-101.DEF) — 129KB
• imkt-20231230_lab.xml (EX-101.LAB) — 285KB
• imkt-20231230_pre.xml (EX-101.PRE) — 239KB
• imkt-20231230x10q_htm.xml (XML) — 1228KB

– Financial Information

Part I – Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of December 30, 2023 and September 30, 2023 3 Condensed Consolidated Statements of Income and Comprehensive Income for the Three Months Ended December 30, 2023 and December 24, 2022 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended December 30, 2023 and December 24, 2022 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 30, 2023 and December 24, 2022 6 Notes to Unaudited Interim Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18

– Other Information

Part II – Other Information

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 19

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INGLES MARKETS, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) December 30, September 30, 2023 2023 ASSETS Current Assets: Cash and cash equivalents $ 275,033,980 $ 328,539,922 Receivables - net 116,747,734 107,570,690 Inventories 501,046,713 493,859,775 Other current assets 18,162,808 22,585,958 Total Current Assets 910,991,235 952,556,345 Property and Equipment - Net 1,462,361,839 1,431,872,289 Operating lease right of use assets 37,355,830 39,602,202 Other Assets 48,147,967 49,814,897 Total Assets $ 2,458,856,871 $ 2,473,845,733 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 17,520,876 $ 17,526,289 Current portion of operating lease liabilities 6,844,279 7,594,971 Current portion of finance lease liabilities 645,140 635,559 Accounts payable - trade 180,509,905 204,040,546 Accrued expenses and current portion of other long-term liabilities 77,471,605 100,735,784 Total Current Liabilities 282,991,805 330,533,149 Deferred Income Taxes 64,570,000 67,187,000 Long-Term Debt 529,374,767 532,631,960 Noncurrent operating lease liabilities 32,522,372 34,016,670 Noncurrent operating finance liabilities 2,895,015 3,059,938 Other Long-Term Liabilities 51,033,340 47,444,876 Total Liabilities 963,387,299 1,014,873,593 Stockholders' Equity Preferred stock, $ 0.05 par value; 10,000,000 shares authorized; no shares issued — — Common stocks: Class A, $ 0.05 par value; 150,000,000 shares authorized; 14,536,175 shares issued and outstanding December 30, 2023; 14,497,075 shares issued and outstanding at September 30, 2023 726,809 724,854 Class B, convertible to Class A, $ 0.05 par value; 100,000,000 shares authorized; 4,458,201 shares issued and outstanding December 30, 2023; 4,497,301 shares issued

View Full Filing

View this 10-Q filing on SEC EDGAR