Ingles Markets Inc. Files 10-Q for Period Ending March 30, 2024
Ticker: IMKTA · Form: 10-Q · Filed: May 9, 2024 · CIK: 50493
Sentiment: neutral
Topics: 10-Q, Ingles Markets, Financial Report, Quarterly Earnings, SEC Filing
TL;DR
<b>Ingles Markets Inc. filed its Q2 2024 10-Q report, detailing financial positions and stock information.</b>
AI Summary
INGLES MARKETS INC (IMKTA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Ingles Markets Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 28. Key financial data points such as retained earnings and accumulated other comprehensive income are reported as of March 30, 2024. Information on common stock, including Class A and Class B shares, is provided for various dates in 2022, 2023, and 2024.
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 quarterly financial performance and position of Ingles Markets Inc., crucial for assessing the company's health and making investment decisions. The detailed breakdown of stock classes and retained earnings offers insights into the company's capital structure and profitability over the reported periods.
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 indicate any immediate or significant financial distress or unusual events.
Analyst Insight
Monitor future filings for revenue and profit trends across different segments like Grocery, Perishables, Non-Foods, and Gasoline.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Perishables | ||
| Non-Foods | ||
| Grocery | ||
| Gasoline |
Key Numbers
- 2024-03-30 — Reporting Period End Date (Conformed Period of Report)
- 2024-05-09 — Filing Date (Filed as of Date)
- 0928 — Fiscal Year End (Fiscal Year End)
- 5411 — Standard Industrial Classification (SIC Code for Grocery Stores)
Key Players & Entities
- INGLES MARKETS INC (company) — Filer name
- 0000050493 (company) — Central Index Key
- NC (company) — State of Incorporation
- ASHEVILLE (company) — Business Address City
- 828-669-2941 (company) — Business Phone
- 2024-03-30 (date) — Conformed Period of Report
- 2024-05-09 (date) — Filed as of Date
- IMKTA (company) — Ticker Symbol
FAQ
When did INGLES MARKETS INC file this 10-Q?
INGLES MARKETS INC filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by INGLES MARKETS INC (IMKTA).
Where can I read the original 10-Q filing from INGLES MARKETS INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by INGLES MARKETS INC.
What are the key takeaways from INGLES MARKETS INC's 10-Q?
INGLES MARKETS INC filed this 10-Q on May 9, 2024. Key takeaways: Ingles Markets Inc. filed a 10-Q report for the period ending March 30, 2024.. The filing covers the second quarter of fiscal year 2024.. The company's fiscal year ends on September 28..
Is INGLES MARKETS INC a risky investment based on this filing?
Based on this 10-Q, INGLES MARKETS INC presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.
What should investors do after reading INGLES MARKETS INC's 10-Q?
Monitor future filings for revenue and profit trends across different segments like Grocery, Perishables, Non-Foods, and Gasoline. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-30: Quarterly Period End — End of the second fiscal quarter of 2024.
- 2024-05-09: Filing Date — Date the 10-Q report was filed with the SEC.
Filing Stats: 4,444 words · 18 min read · ~15 pages · Grade level 12.1 · Accepted 2024-05-09 16:15:38
Key Financial Figures
- $0.05 — hich registered Class A Common Stock, $0.05 par value per share IMKTA The NASDA
Filing Documents
- imkt-20240330x10q.htm (10-Q) — 2491KB
- imkt-20240330xex31_1.htm (EX-31.1) — 19KB
- imkt-20240330xex31_2.htm (EX-31.2) — 19KB
- imkt-20240330xex32_1.htm (EX-32.1) — 10KB
- imkt-20240330xex32_2.htm (EX-32.2) — 8KB
- 0000050493-24-000008.txt ( ) — 8163KB
- imkt-20240330.xsd (EX-101.SCH) — 31KB
- imkt-20240330_cal.xml (EX-101.CAL) — 59KB
- imkt-20240330_def.xml (EX-101.DEF) — 127KB
- imkt-20240330_lab.xml (EX-101.LAB) — 282KB
- imkt-20240330_pre.xml (EX-101.PRE) — 237KB
- imkt-20240330x10q_htm.xml (XML) — 1717KB
– Financial Information
Part I – Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 30, 2024 and September 30, 2023 3 Condensed Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 30, 2024 and March 25, 2023 4 Six Months Ended March 30, 2024 and March 25, 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months and Six Months Ended March 30, 2024 and March 25, 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 30, 2024 and March 25, 2023 7 Notes to Condensed Consolidated Unaudited Interim Financial Statements 8
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 14
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
Controls and Procedures
Item 4. Controls and Procedures 21
– Other Information
Part II – Other Information
Other Information
Item 5. Other Information 22
Exhibits
Item 6. Exhibits 22
FINANCIAL INFORMATION
Part I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS INGLES MARKETS, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 30, September 30, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 302,017,848 $ 328,539,922 Receivables - net 109,444,276 107,570,690 Inventories 479,129,835 493,859,775 Other current assets 26,530,028 22,585,958 Total Current Assets 917,121,987 952,556,345 Property and Equipment - Net 1,480,037,502 1,431,872,289 Operating lease right of use assets 37,738,468 39,602,202 Other Assets 51,409,736 49,814,897 Total Assets $ 2,486,307,693 $ 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 6,748,263 7,594,971 Current portion of finance lease liabilities 654,866 635,559 Accounts payable - trade 181,624,886 204,040,546 Accrued expenses and current portion of other long-term liabilities 80,412,186 100,735,784 Total Current Liabilities 286,961,077 330,533,149 Deferred Income Taxes 63,561,000 67,187,000 Long-Term Debt 521,597,008 532,631,960 Noncurrent operating lease liabilities 32,999,189 34,016,670 Noncurrent finance lease liabilities 2,727,606 3,059,938 Other Long-Term Liabilities 53,019,344 47,444,876 Total Liabilities 960,865,224 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; 14,536,700 shares issued and outstanding March 30, 2024; 14,497,075 shares issued and outstanding at September 30, 2023 726,835 724,854 Class B, convertible to Class A, $ 0.05 par value; 100,000,000 shares authorized; 4,457,676 shares issued and outstanding March 30, 2024; 4,497,301 shares issued and outstandi