Ingles Markets, Incorporated has reported its financial results for the fourth quarter and fiscal year 2024, with notable impacts from Hurricane Helene. The company recognized an impairment loss of $30.4 million related to damaged or destroyed inventory, as well as a property and equipment impairment loss of $4.5 million for the year ended September 28, 2024.
For the fourth quarter of fiscal 2024, net sales totaled $1.40 billion, a decrease from $1.58 billion in the same period of fiscal 2023. Gross profit for the fourth quarter of fiscal 2024 was $299.4 million, representing 21.4% of sales, down from $369.7 million or 23.3% of sales in the fourth quarter of fiscal 2023. Operating and administrative expenses rose to $301.0 million from $299.4 million in the same period last year.
Interest expense for the fourth quarter of fiscal 2024 declined to $5.2 million from $5.9 million in the fourth quarter of fiscal 2023. However, the company reported a net loss of $1.5 million for the fourth quarter of fiscal 2024, compared to a net income of $52.6 million for the same quarter in fiscal 2023. Basic and diluted losses per share for class A common stock were $0.08 for the quarter ended September 28, 2024, in contrast to earnings per share of $2.83 and $2.77, respectively, for the quarter ended September 30, 2023. Basic and diluted losses per share for class B common stock were each $0.07 for the quarter ended September 28, 2024, compared with earnings per share of $2.57 for the quarter ended September 30, 2023.
For the fiscal year ended September 28, 2024, net sales totaled $5.64 billion, down from $5.89 billion for the fiscal year ended September 30, 2023. Gross profit for the fiscal year ended September 28, 2024, was $1.3 billion, representing 23.1% of sales, compared to $1.4 billion or 23.8% of sales for the fiscal year ended September 30, 2023. Operating and administrative expenses increased to $1.2 billion from $1.1 billion in the fiscal year ended September 30, 2023.
Interest expense for the fiscal year ended September 28, 2024, was $21.9 million, slightly lower than the $22.1 million reported in the fiscal year ended September 30, 2023. Net income totaled $105.5 million for the fiscal year ended September 28, 2024, a decrease from $210.8 million for the fiscal year ended September 30, 2023. Basic and diluted earnings per share for class A common stock were $5.68 and $5.56, respectively, for the fiscal year ended September 28, 2024, down from $11.35 and $11.10, respectively, for the fiscal year ended September 30, 2023. Basic and diluted earnings per share for class B common stock were each $5.16 for the fiscal year ended September 28, 2024, compared with $10.32 for the fiscal year ended September 30, 2023.
Capital expenditures for the 2024 fiscal year totaled $210.9 million, an increase from $173.6 million for the 2023 fiscal year. The company reported that it currently has the full amount available under its $150.0 million line of credit and believes its financial resources will be sufficient to meet planned capital expenditures, debt service, and working capital requirements for the foreseeable future.
Ingles Markets, Incorporated, headquartered in Asheville, North Carolina, operates 198 supermarkets across six southeastern states. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $66.36. Check out the company's full 8-K submission here.
