From Staff Reports

BLACK MOUNTAIN, N.C. — Black-Mountain-based Ingles Markets Inc. recently reported a net income of $83.6 million for the 2024-2025 fiscal year, marking a 21 percent decrease from the previous fiscal year, Progressive Grocer magazine reported on Nov. 26.

(Progressive Grocer bills itself as “the voice of the grocery industry since 1922.”)

Ingles, which has more than 200 stores in six southeastern states “has spent the past year rebuilding following severe damage in western North Carolina caused by Hurricane Helene,” Progressive Grocer stated.

“In its Q4, Ingles saw net sales of $1.37 billion, down from $1.40 billion for the same quarter in 2024. Gross profit for Q4 totaled $334.7 million, or 24.5 percent of sales, compared with $299.4 million, or 21.4 percent of sales, year-over-year.

“Operating and administrative expenses for Q4 were $299.0 million, down from $301.0 million YoY, while net income totaled $25.7 million, compared with a net loss of $1.5 million in Q4 of fiscal 2024.” 

To that end, Robert P. Ingle II, chairman of the board of Ingles, was quoted by Progressive Grocer as saying, “We continue to make improvements in the company to strengthen the customer experience. We want to thank our associates for their hard work and dedication during this past challenging year.”

For the fiscal year ended Sept. 27, Ingles’ net sales totaled $5.33 billion, compared with $5.64 billion year-over-year. Net income was down to $83.6 million, compared with $105.5 million in the last fiscal year. Gross profit was also down for the year.

‘Ingles Markets has been steadily dealing with the fallout from Hurricane Helene, which hit North Carolina on Sept. 27, 2024. The storm severely damaged the western part of the state, including the area where the company’s Asheville headquarters is located, resulting in catastrophic flooding that caused power, communication and water outages, along with major road closures,” Progress Grocer noted. 

Three of the four Ingles stores temporarily closed due to Helene-related damage remain closed, including the following: 

• 120 Carbon City Road, Morganton, N.C. 28655: Store #120

• 2299 US 70 Highway, Swannanoa, N.C. 28778: Store #34

• 125 Greenwood Road, Spruce Pine, N.C. 28777: Store #33