Financial Performance - Net income for the three-month period ended December 30, 2023, totaled $43.4 million, a decrease of 37.5% compared to $69.4 million for the same period in 2022[82]. - Net sales decreased by $12.3 million, or 0.82%, to $1.48 billion for the three months ended December 30, 2023, compared to $1.49 billion for the same period in 2022[73]. - Gross profit for the three-month period ended December 30, 2023, was $348.8 million, a decrease of $22.4 million, or 6.0%, from $371.2 million for the same period in 2022[74]. - Operating and administrative expenses increased by $13.6 million, or 4.9%, to $289.8 million for the three months ended December 30, 2023, compared to $276.2 million for the same period in 2022[76]. - The company generated $15.5 million in net cash from operations for the December 2023 quarter, a decrease from $57.3 million in the December 2022 quarter[88]. Debt and Liquidity - Total debt at December 30, 2023, was $546.9 million, down from $564.5 million at December 24, 2022[80]. - The Company completed the funding of $99.7 million of Bonds for the construction of new warehouse and distribution space, maturing on January 1, 2036[92]. - As of December 30, 2023, the outstanding balance of the Bonds is $54.4 million, with mandatory annual redemptions of $4.5 million starting from January 1, 2014[93]. - The Company refinanced approximately $60 million secured borrowing obligations with a SOFR-based loan, maturing in October 2027, and has an interest rate swap agreement for a notional amount of $23.0 million at a fixed rate of 3.962%[94]. - The Company was in compliance with its financial covenants as of December 30, 2023, allowing for approximately $1.7 billion of additional borrowings[98]. - The Company's principal sources of liquidity include cash flow from operations and long-term debt financing, which are expected to meet planned capital expenditures and working capital requirements[99]. Capital Expenditures - Capital expenditures totaled $63.2 million for the three-month period ended December 30, 2023, with plans for fiscal 2024 capital expenditures estimated between $160 million and $200 million[83][84]. Store Operations - The company operated 198 stores as of December 30, 2023, maintaining the same number of stores as of December 24, 2022[73]. Tax and Dividends - The effective tax rate for the three months ended December 30, 2023, was 24.6%, compared to 24.5% for the same period in 2022[81]. - The Company has paid regular quarterly cash dividends of $0.165 per share on Class A Common Stock and $0.15 per share on Class B Common Stock since December 27, 1993[101]. - The Company expects to continue paying regular cash dividends, subject to the discretion of the Board of Directors and compliance with financial covenants[102]. Market Conditions - The annualized change in the Consumer Price Index for all items was 3.4%, with food at home increasing by 1.3% and energy costs decreasing by 2.0% over the past twelve months[105]. Risk Management - The Company is a party to interest rate swap agreements for a current aggregate notional amount of $145.7 million, with no significant changes in market risk factors reported[109].

Financial Performance - Total revenues for the fiscal year ended September 30, 2023, were $5,892.8 million, an increase from $5,678.8 million in 2022, representing a growth of 3.8%[27] - Grocery revenues reached $2,062.4 million in 2023, up from $1,940.4 million in 2022, marking an increase of 6.3%[27] - Perishables revenues increased to $1,482.1 million in 2023 from $1,445.0 million in 2022, reflecting a growth of 2.6%[27] - The company’s income from operations for retail was $263.2 million in 2023, down from $353.0 million in 2022, a decrease of 25.5%[27] Store Operations - The company operated 189 supermarkets under the "Ingles" name and nine under "Sav-Mor" as of September 30, 2023[29] - The average sales per store for the fiscal year 2023 was $28,565, an increase from $27,622 in 2022, indicating a growth of 3.4%[33] - The Company opened no new stores in fiscal year 2023, maintaining a total of 198 stores[49] - The average store size increased to 57,589 square feet in 2023 from 57,281 square feet in 2022[49] Customer Service and Convenience - The company operates 114 pharmacies and 108 fuel stations at its grocery store locations, aiming to improve customer service and convenience[29] - The Ingles Curbside service is available at 129 stores, with plans to add more each month[37] - The company plans to continue its renovation and expansion strategy to enhance customer convenience and modernize store layouts[20] Supply Chain and Inventory - The Company supplies approximately 57% of its supermarkets' inventory from its own distribution facilities, totaling 1.65 million square feet[40] - The Company experienced increased customer traffic and occasional product shortages due to supply chain issues during the fiscal year ended September 30, 2023[44] Workforce and Labor Market - The Company had approximately 26,420 associates as of September 30, 2023, with 93% being supermarket personnel[57] - The Company is facing a tight labor market, impacting its ability to attract and retain qualified personnel[44] - The Company has slowed new store and remodeling plans due to inflation and supply chain issues[47] Competitive Advantages - The Company believes its competitive advantages include convenient locations and quality service[52] Debt and Financial Instruments - As of September 30, 2023, the total long-term debt with variable interest rates amounts to $151,070,000, with an average interest rate of 6.95%[170] - The Recovery Zone Bonds with variable interest rates total $54,440,000, maintaining an average year-end interest rate of 5.20%[170] - The Company has $350,000,000 in Senior Notes with a fixed interest rate of 4.00%[170] - The long-term debt with variable interest rates increased from $164,833,000 in September 24, 2022 to $151,070,000 in September 30, 2023, reflecting a decrease in total debt[170] - The average year-end interest rate for long-term debt decreased from 4.09% in 2022 to 6.95% in 2023[170] - The Company does not consider potential near-term losses from changes in interest rates and exchange rates to be material[172] - The Company has not utilized highly leveraged financial instruments for interest rate risk management[172] - The average interest rate for Recovery Zone Bonds decreased from 2.94% in 2022 to 5.20% in 2023[170] - The Company has a fixed interest rate swap that fixes at 3.962% for $24.5 million of variable interest rate debt[172] - The Company has a fixed interest rate swap that fixes at 2.998% for $124.6 million of variable interest rate debt[171] Regulatory Environment - The Company is subject to various governmental regulations, including those from the U.S. Food and Drug Administration and the Occupational Safety and Health Administration[65]

Financial Performance - Net income for the three months ended June 24, 2023, was $48.3 million, a decrease of 28.7% from $67.8 million for the same period in 2022[74]. - Net income for the nine months ended June 24, 2023, totaled $158.2 million, a decrease from $202.6 million for the same period in 2022[84]. - Basic and diluted earnings per share for Class A Common Stock were $2.60 and $2.54, respectively, for the June 2023 quarter, down from $3.65 and $3.57 for the June 2022 quarter[83]. - Net income totaled $158.2 million for the nine-month period ended June 24, 2023, compared to $202.6 million for the same period in 2022, with basic and diluted earnings per share for Class A Common Stock decreasing from $10.91 to $8.51[95]. Sales and Revenue - Net sales decreased by $24.3 million, or 1.7%, to $1.43 billion for the three months ended June 24, 2023, compared to $1.46 billion for the same period in 2022[75]. - Comparable store sales increased by 3.8% excluding fuel sales for the three months ended June 24, 2023[75]. - Net sales increased by $81.0 million, or 1.9%, to $4.31 billion for the nine months ended June 24, 2023, compared to $4.23 billion for the same period in 2022, driven primarily by increases in grocery, non-foods, and perishables sales[85]. Profitability - Gross profit for the three-month period ended June 24, 2023, was $338.1 million, a decrease of 3.9% from $351.9 million for the same period in 2022[77]. - Gross profit for the nine-month period ended June 24, 2023, totaled $1.04 billion, a decrease of $15.8 million, or 1.5%, compared to $1.05 billion for the same period in 2022, with gross profit as a percentage of sales declining from 24.9% to 24.0%[89]. Expenses - Operating and administrative expenses increased by $13.6 million, or 5.3%, to $270.9 million for the three months ended June 24, 2023[78]. - Operating and administrative expenses increased by $43.8 million, or 5.7%, to $816.0 million for the nine months ended June 24, 2023, with expenses as a percentage of sales rising from 18.3% to 18.9%[90]. Debt and Cash Flow - Total debt at June 2023 was $553.4 million, down from $575.2 million at June 2022[81]. - The company generated $177.0 million in net cash from operations for the nine-month period ended June 24, 2023, a decrease from $261.6 million for the same period in 2022[101]. - Cash used by investing activities totaled $135.2 million for the nine-month period ended June 24, 2023, compared to $181.8 million for the same period in 2022[102]. Capital Expenditures - Capital expenditures totaled $137.1 million for the nine-month period ended June 24, 2023, with plans for fiscal 2023 capital expenditures estimated between $170 million and $190 million[96][97]. - The company expects annual capital expenditures to be in the range of approximately $100 million to $160 million going forward to maintain a modern store base[98]. Market Conditions and Risks - Inflation has reached levels not experienced in decades, with food costs increasing by 4.7% and overall inflation at 3.0% for the twelve months ended June 2023[117][119]. - The Company acknowledges significant risks and uncertainties that could affect its actual results, including the impact of the COVID-19 pandemic[121]. - Pricing pressures and competitive factors are identified as potential risks to the Company's revenues and profitability[121]. - Changes in laws and government regulations may impact the Company's operations and financial position[121]. Strategic Focus - The Company is focused on reducing costs and improving operating results as part of its growth strategy[121]. - The Company has highlighted the importance of efficient distribution of food products in its operational strategy[121]. - The Company’s ability to manage rapid expansion and implement its strategies is crucial for future performance[121]. Dividends and Financial Instruments - The company plans to continue paying regular cash dividends of $0.165 per share on Class A Common Stock and $0.15 per share on Class B Common Stock[114][115]. - The Company is currently party to interest rate swap agreements with a total notional amount of $152.6 million[123]. - The Company does not utilize financial instruments for trading or speculative purposes, nor does it typically use leveraged financial instruments[123]. - There have been no material changes in market risk factors since the last Annual Report filed on November 23, 2022[123]. - The Company does not undertake any obligation to update forward-looking statements unless required by law[122].

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 25, 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 other jurisdiction ...

For the transition period from to Commission file number 0-14706. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2022 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 P.O. Box 6676, Asheville NC 28816 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) (828) 669-2941 ...

For the quarterly period ended December 25, 2021 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY 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 jurisdic ...

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 25, 2021 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) (State or other jurisdiction of incorporation or organization ...