Ingles’ Q1 sales fall 13% following Hurricane HeleneIngles’ Q1 sales fall 13% following Hurricane Helene

Ingles Markets on Thursday said it lost between $55 million and $65 million in revenues during the first three weeks alone after Hurricane Helene swept through western North Carolina on Sept. 27, 2024. Four of the Asheville, N.C.-based company’s stores were closed due to damages from the storm, only one of which has since reopened. The remaining three stores are slated to reopen later this year.

In reporting weaker results for its fiscal first quarter, which ended Dec. 28, 2024, Ingles cited road and power outages following the storm that prevented some stores from opening or maintaining normal store hours, as well as electronic payment disruptions. The company’s distribution center was also impacted during the first two weeks after the storm.

Q1 revenues and profits decline 

Ingles said its net income for the first quarter was down 62%, to $16.6 million, on a 13% decline in net sales, to $1.29 billion, compared with the first quarter of a year ago.

During the first quarter of fiscal 2025, Ingles said it incurred approximately $5.4 million in cleanup and repair costs as a result of Hurricane Helene.

The company also said its first-quarter capital expenditures were down by 40.2%, to $37.8 million, compared with $63.2 million in the year-ago first quarter. Capex investments were elevated in fiscal 2024 due to property acquisitions, the company said.

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In its annual report for fiscal 2024, which ended the day after the storm, the company had forecasted a reduction in capex in fiscal 2025. Capex plans for the current year called for investments of about $120 million to $160 million for the full year, down from $210.9 million in fiscal 2024.

A spokesperson for Ingles Markets could not be reached for further comment.

Ingles operates 198 supermarkets, including 75 in North Carolina.

Walmart, Aldi reopening stores

Ingles appears to have been one of the food retailers hardest hit by the storm, although others also felt its impact. Walmart last month said it plans to partially reopen a store in Asheville on Feb. 14 after it sustained significant damage. Aldi meanwhile recently said it plans to reopen an Asheville store in early 2025 that was also badly damaged by the storm. Aldi has a second Asheville location that remains open.

In their own words: “We remain dedicated”

“As recovery efforts progress in the communities we support, we remain dedicated to offering value and providing a wide range of high-quality products to our customers. We deeply appreciate the focus, dedication and hard work of our associates in making this possible.” —Robert P. Ingle II, chairman, Ingles Markets.

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