Exhibit 99.1 PRESS RELEASE Ingles Markets, Inc. Contact: Pat Jackson, Chief Financial Officer pjackson@ingles-markets.com (828) 669-2941 (Ext. 223) August 8, 2024 For Immediate Release Ingles Markets, Incorporated Reports Results for Third Quarter and First Nine Months of Fiscal 2024 ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported results for the three and nine months ended June 29, 2024. Robert P. Ingle II, Chairman of the Board, stated, "We continue to stay focused on our goa ...

Core Viewpoint - Ingles Markets has experienced revenue declines in the first half of FY2024, attributed to slowing food inflation and weaker gas prices, which have impacted overall industry growth [7][16]. Despite this, the stock remains undervalued, with a fair value estimate significantly above its current price [5][17]. Financial Performance - Revenue declined by -0.8% in Q1 and -1.0% in Q2 of FY2024, marking a shift from the company's long-term modest growth trend [7][16]. - The company's operating margin has decreased to 4.0%, down from a high of 6.8% in FY2021, but remains above the pre-pandemic average of 3.3% [11][17]. Valuation - The fair value estimate for Ingles Markets is $117.99, representing a 73% upside from the current stock price, with a trailing P/E of 7.4, which is unusually low for a grocery chain [5][17]. - The discounted cash flow (DCF) model indicates a weighted average cost of capital (WACC) of 6.75%, down from 7.25% previously, reflecting adjustments in profitability and growth estimates [9][12]. Asset Value - Ingles Markets owns significant real estate assets, valued at $1,128.7 million in buildings and $345.6 million in land, which could provide substantial shareholder value through potential sale-and-leaseback transactions [14]. - The company's market capitalization is around $1.3 billion, suggesting that the realizable value of its assets could cover a significant portion of this market cap [14]. Market Context - The broader market has seen a return of 15% since the last rating of Ingles Markets, while the stock has lost 22% of its value, indicating a disconnect between market performance and the company's fundamentals [3]. - The slowdown in food inflation and gas prices has contributed to the revenue weakness, but this is viewed as a temporary industry-wide issue rather than a specific weakness of Ingles Markets [7][11].

or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-14706. INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2024 North Carolina 56-0846267 (State or ot ...

Exhibit 99.1 PRESS RELEASE Ingles Markets, Inc. Contact: Pat Jackson, Chief Financial Officer May 9, 2024 pjackson@ingles-markets.com For Immediate Release (828) 669-2941 (Ext. 223) Ingles Markets, Incorporated Reports Results for Second Quarter and First Six Months of Fiscal 2024 ASHEVILLE, N.C. - Ingles Markets, Incorporated (NASDAQ: IMKTA) today reported sales for the three and six months ended March 30, 2024. Robert P. Ingle II, Chairman of the Board, stated, "We are pleased with our results and thank a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the transition period from to Commission File Number: 0-14706. INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) North Carolina 56-0846267 (State or other jurisdiction of incorporation or organization) P.O. Box 6676, Asheville NC 28816 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) (828) 669-2941 (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 0-14706 INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) North Carolina 56-0846267 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 24, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-14706. INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) North Carolina 56-0846267 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 25, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-14706. (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 24, 2022 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-14706. INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) North Carolina 56-0846267 (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-K |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | --- | --- | | | For the fiscal year ended September 24, 2022 | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 0-14706 INGLES MARKETS, INCORPORATED (Exact name of registrant as specified in its charter) North Carolina 56-0846267 (State ...