Ingles’ net income for 2024-25 drops by 21% to $83.6M after Helene

Ingles Markets Inc. has recently released its annual financial report for the 2024-2025 fiscal year, revealing a net income of $83.6 million. This figure represents a 21% decrease from the previous fiscal year, indicating a challenging year for the grocery store chain. Net sales also experienced a decline, dropping from $5.64 billion to $5.33 billion. Additionally, gross profit decreased by 2% to $1.27 billion, down from $1.3 billion.

The company attributed this decline in income to the impact of Tropical Storm Helene, which struck Western North Carolina on September 27, 2024, just one day before the end of the 2023-24 fiscal year. The devastating storm caused widespread destruction, resulting in over $60 billion in damages and claiming the lives of more than 100 individuals across the state.

In response to the aftermath of Helene, Ingles reported $9 million in cleanup and repair expenses. Fortunately, the company was able to partially offset these costs with $1.5 million in insurance proceeds. Insurance coverage also extended to cover $4.7 million in inventory losses incurred as a result of the storm.

While the distribution center managed to resume full operations within two weeks of the storm, four stores had to close temporarily. Three of these stores, including the Swannanoa Ingles location, remain closed to this day. However, plans are underway for the reopening of these establishments in 2026 or 2027.

Moreover, Ingles’ milk processing and packaging facility, although physically undamaged by Helene, faced temporary disruptions in its operations due to water supply issues. Despite these challenges, the company remains committed to its employees, with over 25,550 individuals on its payroll as of September 27, 2025. Notably, 92% of these employees work in supermarkets, with 57% of them employed on a part-time basis.

Looking ahead, Ingles has confirmed its intentions to rebuild the Swannanoa location, with plans already in motion for the construction of a new shopping center. The project is set to include the demolition of existing structures, elevation of the site, and construction of a state-of-the-art grocery store. Following approval from the county, construction is expected to commence soon.

Despite the challenges posed by Tropical Storm Helene, Ingles Markets Inc. remains dedicated to serving its customers and communities. The company’s resilience in the face of adversity and commitment to rebuilding and recovery exemplify its unwavering dedication to its stakeholders and long-term success.