Ingles Markets(US:IMKTA)2024-05-09 11:35Financial Performance - Net sales for Q2 2024 totaled $1.37 billion, a decrease of 0.95% from $1.38 billion in Q2 2023[2] - Gross profit for Q2 2024 was $321.9 million, representing 23.5% of sales, compared to $325.9 million or 23.6% in Q2 2023[3] - Net income for Q2 2024 was $31.9 million, down from $40.5 million in Q2 2023, with basic earnings per share of $1.72 compared to $2.18 in the prior year[4] - For the first half of fiscal 2024, net sales were $2.85 billion, a decrease of 0.88% from $2.87 billion in the same period last year[5] - Gross profit for the first half of fiscal 2024 was $670.7 million, down from $697.1 million, with a gross profit margin of 23.5% compared to 24.3% in the first half of fiscal 2023[5] Expenses and Debt - Operating and administrative expenses for the first half of fiscal 2024 totaled $574.6 million, an increase from $545.1 million in the same period last year[6] - Interest expense for the first half of fiscal 2024 increased to $11.3 million from $10.7 million in the prior year[8] - Total debt as of March 30, 2024, was $539.1 million, down from $556.7 million as of March 25, 2023[8] Capital Expenditures and Financial Resources - Capital expenditures for the first half of fiscal 2024 were $98.4 million, compared to $91.4 million in the same period last year[10] - The company has no outstanding borrowings under its $150.0 million line of credit, indicating sufficient financial resources for planned expenditures[10]