Reported Earnings • May 07
Second quarter 2026 earnings released: EPS: US$1.28 (vs US$0.80 in 2Q 2025) Second quarter 2026 results: EPS: US$1.28 (up from US$0.80 in 2Q 2025). Revenue: US$1.31b (down 1.8% from 2Q 2025). Net income: US$24.3m (up 61% from 2Q 2025). Profit margin: 1.9% (up from 1.1% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 03
Ingles Markets, Incorporated Elects Rory A. Held to Board of Directors Ingles Markets, Incorporated announced that based on preliminary voting results, Summer Road nominee Rory A. Held was elected to Ingles’ Board of Directors with resounding support from approximately 62% of the shares outstanding, which represented approximately 70% of the total votes cast. Rory A. Held is Chief Investment Officer of Summer Road. Announcement • Apr 27
Summer Road Issues Final Letter to Ingles Markets’ Shareholders On April 27, 2026, Summer Road LLC announced that it has issued an open letter to shareholders of Ingles Markets, Incorporated seeking their support for the election of Rory A. Held to Company’s board of directors at the 2026 Annual Meeting of Shareholders. In addition, Summer Road reminds Company shareholders of the key facts supporting the case for electing Held, Including Company’s lack of transparency and accountability to investors, and makes clear that Company’s director candidate Rebekah Lowe Represents more of the same, given that she is not truly independent, is not aligned with shareholders’ interests and lacks the requisite experience to improve the Company’s disclosure and capital allocation. Announcement • Apr 17
Summer Road Issues Statement in Response to Ingles Markets’ Public Statement On April 17, 2026, Summer Road LLC issued a press release in response to Ingles Markets, Incorporated’s public statements, calling on the Board of Company to stop wasting shareholder resources on fabricated issues to mislead shareholders and urging shareholders to elect Rory A. Held to the Board at the 2026 annual meeting of shareholders. In addition, Summer Road stated that Rory A. Held has no conflict of interest with Company shareholders and would owe a fiduciary duty to all Ingles shareholders if elected to the Board, emphasizing that Held is more aligned with shareholders than Rebekah Lowe and Dwight Jacobs, neither of whom owns a single Company share. Further, Summer Road criticized the incumbent Board’s judgment, opposition to the election of an independent Class A shareholder voice, and misunderstanding of public company governance, highlighting Held’s financial acumen, sound judgment, personal integrity, and significant Company stock ownership. Furthermore, Summer Road asserted that the Board’s campaign does not address Company’s lagging shareholder returns, deficient disclosure, lack of boardroom accountability, operational underperformance, and disastrous capital allocation, and encouraged shareholders to elect Held to ensure independent representation on Company’s Board. Announcement • Apr 11
Summer Road Responds to Ingles Markets’ Error-Filled Presentations On April 10, 2026, Summer Road LLC issued a statement in response to Ingles Markets, Incorporated’s April 8 and April 10 presentations. In the statement, Summer Road asserted that the Company’s presentations failed to address concerns regarding insufficient shareholder representation on the Board, declining growth, a stagnant Class A dividend, idle real estate, and deteriorating transparency. Summer Road further stated that the Company’s Board made no genuine effort to reach a settlement because it refuses to acknowledge the need for meaningful Class A representation, allowing it to retain control and continue operating with limited transparency. Summer Road added that its interests are aligned with those of all Class A shareholders, while the Company’s conflicted Board is employing sensationalized and misleading tactics to shield itself from accountability. Announcement • Apr 07
Summer Road Issues an Investor Presentation to Shareholders of Ingles Markets, Incorporated On April 6, 2026, Summer Road LLC issued an Investor Presentation titled ‘Why Class A Shareholders Need Independent, Aligned Representation on the Board’ in connection with Ingles Markets, Incorporated’s annual shareholders meeting. Announcement • Apr 03
Ingles Markets, Incorporated, Annual General Meeting, Apr 30, 2026 Ingles Markets, Incorporated, Annual General Meeting, Apr 30, 2026. Declared Dividend • Apr 02
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 9th April 2026 Payment date: 16th April 2026 Dividend yield will be 0.7%, which is lower than the industry average of 1.4%. Payout Ratios Payout ratio: 13%. Cash payout ratio: 10%. Announcement • Mar 30
Ingles Markets, Incorporated Declares Cash Dividend on Its Class A Common Stock and Class B Common Stock, Payable on April 16, 2026 Ingles Markets, Incorporated declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable April 16, 2026, to all shareholders of record on April 9, 2026. Reported Earnings • Feb 06
First quarter 2026 earnings released: EPS: US$1.48 (vs US$0.87 in 1Q 2025) First quarter 2026 results: EPS: US$1.48 (up from US$0.87 in 1Q 2025). Revenue: US$1.37b (up 6.6% from 1Q 2025). Net income: US$28.1m (up 70% from 1Q 2025). Profit margin: 2.0% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$83.28, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 22x in the Consumer Retailing industry in the US. Total loss to shareholders of 7.8% over the past three years. Declared Dividend • Jan 02
Fourth quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 8th January 2026 Payment date: 15th January 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. The company's earnings per share (EPS) would need to decline by 83% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Announcement • Dec 31
Ingles Markets, Incorporated Declares Quarterly Cash Dividend, Payable on January 15, 2026 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable on January 15, 2026, to all shareholders of record on January 8, 2026. Reported Earnings • Nov 26
Full year 2025 earnings released: EPS: US$4.40 (vs US$5.56 in FY 2024) Full year 2025 results: EPS: US$4.40 (down from US$5.56 in FY 2024). Revenue: US$5.33b (down 5.4% from FY 2024). Net income: US$83.6m (down 21% from FY 2024). Profit margin: 1.6% (down from 1.9% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Nov 26
Ingles Markets, Incorporated Announces Property and Equipment Impairment Loss for Quarter Ended September 28, 2024 Ingles Markets, Incorporated announced property and equipment impairment loss for quarter ended September 28, 2024. For the quarter the company recognized property and equipment impairment loss of $4.5 million. Announcement • Nov 25
Ingles Markets, Incorporated Appoints L. Keith Collins as Member of the Board Ingles Markets, Incorporated announced that as previously reported, John R. Lowden, a member of the Board of Directors of the company, notified the Company of his resignation from the Board, effective December 31, 2025. On November 21, 2025, the Board accepted Mr. Lowden’s tender of resignation, effective November 24, 2025, and, on such date, the Board appointed L. Keith Collins to fill the vacancy resulting from Mr. Lowden’s resignation. Mr. Collins will serve as a member of the Board until the Company’s 2026 annual meeting of shareholders and until his successor is duly elected and qualified or until his earlier death, resignation or removal. Mr. Collins, age 68, previously served as the President of Milkco Inc. (‘ Milkco’), from September 2011 to September 2022, and was a member of the Board from December 2011 to February 2018. Before being appointed as President of Milkco, Mr. Collins served as Vice President of Milkco from 2004 to 2011, and held other positions with Milkco dating back to 1990. Mr. Collins has more than 42 years of dairy operations and management experience and remains active in service to his community. He received a Bachelor of Science degree from Clemson University. Announcement • Oct 29
Ingles Markets, Incorporated Announces John R. Lowden Declines Re-Election to the Board, Effective December 31, 2025 Ingles Markets, Incorporated announced that on October 23, 2025, John R. Lowden, a member of the Board of Directors of the Company, notified the Company of his decision not to stand for re-election to the Board and that he would resign his directorship, effective December 31, 2025. Declared Dividend • Oct 02
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 9th October 2025 Payment date: 16th October 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not covered by cash flows (152% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. The company's earnings per share (EPS) would need to decline by 75% to shift the payout ratio to a potentially unsustainable range, which is more than the 16% EPS decline seen over the last 5 years. Announcement • Sep 30
Ingles Markets, Incorporated Declares Quarterly Cash Dividend, Payable on October 16, 2025 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable October 16, 2025, to all shareholders of record on October 9, 2025. Reported Earnings • Aug 08
Third quarter 2025 earnings released: EPS: US$1.38 (vs US$1.67 in 3Q 2024) Third quarter 2025 results: EPS: US$1.38 (down from US$1.67 in 3Q 2024). Revenue: US$1.35b (down 3.4% from 3Q 2024). Net income: US$26.2m (down 17% from 3Q 2024). Profit margin: 1.9% (down from 2.3% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 03
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 10th July 2025 Payment date: 17th July 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (20% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. The company's earnings per share (EPS) would need to decline by 78% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.4% EPS decline seen over the last 5 years. Announcement • Jul 01
Ingles Markets, Incorporated Declares Quarterly Cash Dividend on Class A and Class B Common Stocks, Payable on July 17, 2025 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable July 17, 2025, to all shareholders of record on July 10, 2025. Reported Earnings • May 09
Second quarter 2025 earnings released: EPS: US$0.80 (vs US$1.68 in 2Q 2024) Second quarter 2025 results: EPS: US$0.80 (down from US$1.68 in 2Q 2024). Revenue: US$1.33b (down 2.6% from 2Q 2024). Net income: US$15.1m (down 53% from 2Q 2024). Profit margin: 1.1% (down from 2.3% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 02
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 10th April 2025 Payment date: 17th April 2025 Dividend yield will be 1.0%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Earnings per share has grown by 1.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 31
Ingles Markets, Incorporated Declares Quarterly Cash Dividend on Class A and Class B Common Stocks, Payable on April 17, 2025 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 per share on all its Class A Common Stock and $0.15 per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable April 17, 2025, to all shareholders of record on April 10, 2025. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. CFO, VP of Finance & Director Pat Jackson was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 20
Ingles Markets, Incorporated, Annual General Meeting, Mar 03, 2025 Ingles Markets, Incorporated, Annual General Meeting, Mar 03, 2025. Announcement • Jan 01
Ingles Markets, Incorporated Declares Quarterly Cash Dividend on Class A and Class B Common Stock, Payable on January 16, 2025 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable January 16, 2025, to all shareholders of record on January 9, 2025. Announcement • Dec 28
Ingles Markets, Incorporated Reports Impairment Charges for the Fourth Quarter Ended September 28, 2024 Ingles Markets, Incorporated reported impairment charges for the fourth quarter ended September 28, 2024. For the quarter, the company recognized a property and equipment impairment loss of $4.5 million. Announcement • Dec 27
Ingles Markets, Incorporated Receives Notice from Nasdaq Regarding Delayed Filing of Annual Report on Form 10-K Ingles Markets, Incorporated (the Company") announced that it received a notice (the Notice") from The Nasdaq Stock Market LLC (Nasdaq"), stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the Annual Report"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The Notice has no immediate effect on the listing of the Company's shares on Nasdaq. The delay in filing the Annual Report has been due to the impact of Hurricane Helene, as previously reported by the Company in its Notification of Late Filing on Form 12b-25, filed with the Securities and Exchange Commission on November 29, 2024. Under Nasdaq rules, the Company has 60 calendar days, or until February 18, 2025, to either file the Annual Report or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule (the Compliance Plan"). If the Company does not file the Annual Report but submits a Compliance Plan, and Nasdaq accepts the Compliance Plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until June 10, 2025, to file the Annual Report and regain compliance. If Nasdaq does not accept the Company's Compliance Plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Company intends to file the Annual Report within the 60-day period. Announcement • Nov 30
Ingles Markets, Incorporated announced delayed annual 10-K filing On 11/29/2024, Ingles Markets, Incorporated announced that they will be unable to file their next 10-K by the deadline required by the SEC. Buy Or Sell Opportunity • Nov 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to US$70.05. The fair value is estimated to be US$88.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 13%. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$60.85, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 22x in the Consumer Retailing industry in the US. Total loss to shareholders of 7.6% over the past three years. Declared Dividend • Oct 03
Third quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 10th October 2024 Payment date: 17th October 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 01
Now 22% undervalued Over the last 90 days, the stock has risen 1.9% to US$69.31. The fair value is estimated to be US$88.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 13%. Buy Or Sell Opportunity • Aug 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to US$71.07. The fair value is estimated to be US$88.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 13%. New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.7% Last year net profit margin: 3.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (2.7% net profit margin). Significant insider selling over the past 3 months (US$1.4m sold). Buy Or Sell Opportunity • Aug 05
Now 23% undervalued Over the last 90 days, the stock has risen 3.0% to US$74.31. The fair value is estimated to be US$96.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 6.4%. Declared Dividend • Jul 05
Second quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 11th July 2024 Payment date: 18th July 2024 Dividend yield will be 1.0%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 01
Ingles Markets, Incorporated Announces Quarterly Cash Dividend, Payable on July 18, 2024 Ingles Markets, Incorporated announced that its board of directors has declared a quarterly cash dividend of $0.165 per share on all its Class A Common Stock and $0.15 per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable July 18, 2024, to all shareholders of record on July 11, 2024. Recent Insider Transactions • Jun 27
Director recently sold US$338k worth of stock On the 24th of June, Laura Sharp sold around 5k shares on-market at roughly US$70.38 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$421k. Insiders have been net sellers, collectively disposing of US$5.4m more than they bought in the last 12 months. Recent Insider Transactions • Jun 13
Director recently sold US$421k worth of stock On the 10th of June, Laura Sharp sold around 6k shares on-market at roughly US$70.25 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$5.1m more than they bought in the last 12 months. Reported Earnings • May 10
Second quarter 2024 earnings released: EPS: US$1.68 (vs US$2.13 in 2Q 2023) Second quarter 2024 results: EPS: US$1.68 (down from US$2.13 in 2Q 2023). Revenue: US$1.37b (down 1.0% from 2Q 2023). Net income: US$31.9m (down 21% from 2Q 2023). Profit margin: 2.3% (down from 2.9% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Apr 03
First quarter dividend of US$0.17 announced Dividend of US$0.17 is the same as last year. Ex-date: 10th April 2024 Payment date: 18th April 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 02
Ingles Markets, Incorporated Declares Cash Dividend on All Its Class A Common Stock and Class B Common Stock, Payable on April 18, 2024 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable April 18, 2024, to all shareholders of record on April 11, 2024. Recent Insider Transactions • Apr 01
Director recently sold US$305k worth of stock On the 28th of March, Laura Sharp sold around 4k shares on-market at roughly US$76.25 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$385k. Insiders have been net sellers, collectively disposing of US$4.3m more than they bought in the last 12 months. Recent Insider Transactions • Mar 01
Director recently sold US$385k worth of stock On the 27th of February, Laura Sharp sold around 5k shares on-market at roughly US$77.00 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.2m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Feb 29
Director notifies of intention to sell stock Laura Sharp intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of February. If the sale is conducted around the recent share price of US$77.00, it would amount to US$385k. Since March 2023, Laura's direct individual holding has decreased from 80.39k shares to 42.70k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 09
First quarter 2024 earnings released: EPS: US$2.29 (vs US$3.65 in 1Q 2023) First quarter 2024 results: EPS: US$2.29 (down from US$3.65 in 1Q 2023). Revenue: US$1.48b (flat on 1Q 2023). Net income: US$43.4m (down 37% from 1Q 2023). Profit margin: 2.9% (down from 4.6% in 1Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Jan 05
Ingles Markets, Incorporated, Annual General Meeting, Feb 13, 2024 Ingles Markets, Incorporated, Annual General Meeting, Feb 13, 2024, at 11:00 US Eastern Standard Time. Location: Grove Park Inn, 290 Macon Avenue Asheville, North Carolina 28804 Carolina United States Agenda: To elect eight directors to serve until the 2025 Annual Meeting of Stockholders; to consider and vote on a non-binding approval of the Company's compensation for named executive officers, as disclosed in this Proxy Statement; to vote on a stockholder proposal regarding cage free egg progress disclosure, if properly presented at the Annual Meeting; to vote on a stockholder proposal concerning risk disclosure related to consumer expectations on significant policy matters, if properly presented at the Annual Meeting; and to consider any other business that is properly presented at the Annual Meeting and any adjournment or postponement thereof. Announcement • Jan 02
Ingles Markets, Incorporated Declares Quarterly Cash Dividend on Class A Common Stock and Class B Common Stock, Payable on January 19, 2024 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable January 19, 2024, to all shareholders of record on January 12, 2024. Reported Earnings • Nov 30
Full year 2023 earnings released: EPS: US$11.10 (vs US$14.36 in FY 2022) Full year 2023 results: EPS: US$11.10 (down from US$14.36 in FY 2022). Revenue: US$5.89b (up 3.8% from FY 2022). Net income: US$210.8m (down 23% from FY 2022). Profit margin: 3.6% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 05
Ingles Markets, Incorporated Declares Quarterly Cash Dividend, Payable on October 19, 2023 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 (sixteen and one-half cents) per share on all its Class A Common Stock and $0.15 (fifteen cents) per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable October 19, 2023, to all shareholders of record on October 12, 2023. Recent Insider Transactions • Sep 26
Director recently sold US$304k worth of stock On the 25th of September, Laura Sharp sold around 4k shares on-market at roughly US$76.09 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$600k. Insiders have been net sellers, collectively disposing of US$2.5m more than they bought in the last 12 months. Recent Insider Transactions • Sep 13
Director recently sold US$600k worth of stock On the 11th of September, Laura Sharp sold around 8k shares on-market at roughly US$75.01 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.1m more than they bought in the last 12 months. Reported Earnings • Aug 03
Third quarter 2023 earnings released: EPS: US$2.54 (vs US$3.57 in 3Q 2022) Third quarter 2023 results: EPS: US$2.54 (down from US$3.57 in 3Q 2022). Revenue: US$1.43b (down 1.7% from 3Q 2022). Net income: US$48.3m (down 29% from 3Q 2022). Profit margin: 3.4% (down from 4.6% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
Ingles Markets, Incorporated Declares Quarterly Cash Dividend on Class A and Class B Stock, Payable on July 13, 2023 Ingles Markets, Incorporated announced that its Board of Directors has declared a cash dividend of $0.165 per share on all its Class A Common Stock and $0.15 per share on all its Class B Common Stock. This is an annual rate of $0.66 and $0.60 per share, respectively. Dividends on both the Class A and Class B Common Stock are payable July 13, 2023, to all shareholders of record on July 6, 2023. Buying Opportunity • Jun 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be US$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 24%. Buying Opportunity • May 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be US$103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • May 06
Second quarter 2023 earnings released: EPS: US$2.13 (vs US$3.61 in 2Q 2022) Second quarter 2023 results: EPS: US$2.13 (down from US$3.61 in 2Q 2022). Revenue: US$1.38b (flat on 2Q 2022). Net income: US$40.5m (down 41% from 2Q 2022). Profit margin: 2.9% (down from 5.0% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Recent Insider Transactions • Mar 13
Director recently sold US$94k worth of stock On the 9th of March, Laura Sharp sold around 1k shares on-market at roughly US$93.75 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$476k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Mar 09
Director notifies of intention to sell stock Laura Sharp intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of March. If the sale is conducted around the recent share price of US$94.50, it would amount to US$331k. Since March 2022, Laura's direct individual holding has decreased from 86.91k shares to 81.89k. Company insiders have collectively sold US$336k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 03
First quarter 2023 earnings released: EPS: US$3.65 (vs US$3.49 in 1Q 2022) First quarter 2023 results: EPS: US$3.65 (up from US$3.49 in 1Q 2022). Revenue: US$1.49b (up 7.3% from 1Q 2022). Net income: US$69.4m (up 4.8% from 1Q 2022). Profit margin: 4.6% (down from 4.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 36% per year. Announcement • Jan 06
Ingles Markets, Incorporated, Annual General Meeting, Feb 14, 2023 Ingles Markets, Incorporated, Annual General Meeting, Feb 14, 2023, at 11:00 US Eastern Standard Time. Location: the Grove Park Inn, 290 Macon Avenue Asheville North Carolina United States Agenda: To elect eight directors to serve until the 2024 Annual Meeting of Stockholders; to consider and vote on a non-binding approval of the Company's compensation for named executive officers, as disclosed in this Proxy Statement; and to vote on a stockholder proposal regarding equal voting rights, if properly presented at the Annual Meeting. Recent Insider Transactions • Dec 14
Director recently sold US$201k worth of stock On the 9th of December, Laura Sharp sold around 2k shares on-market at roughly US$101 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$381k more than they bought in the last 12 months. Reported Earnings • Nov 24
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down US$71.7m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. CFO, Secretary & Director Pat Jackson was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Third quarter 2022 earnings released: EPS: US$3.57 (vs US$3.79 in 3Q 2021) Third quarter 2022 results: EPS: US$3.57 (down from US$3.79 in 3Q 2021). Revenue: US$1.46b (up 14% from 3Q 2021). Net income: US$67.8m (down 5.9% from 3Q 2021). Profit margin: 4.6% (down from 5.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 43% per year. Reported Earnings • May 06
Second quarter 2022 earnings released: EPS: US$3.61 (vs US$2.58 in 2Q 2021) Second quarter 2022 results: EPS: US$3.61 (up from US$2.58 in 2Q 2021). Revenue: US$1.38b (up 16% from 2Q 2021). Net income: US$68.6m (up 32% from 2Q 2021). Profit margin: 5.0% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 47% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. CFO, Secretary & Director Pat Jackson was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 05
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: US$3.49 (up from US$2.66 in 1Q 2021). Revenue: US$1.39b (up 17% from 1Q 2021). Net income: US$66.2m (up 23% from 1Q 2021). Profit margin: 4.8% (up from 4.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. 
