Ingles Earnings Slide, Storm Related Costs Weigh on Local Grocery Sales

Ingles Markets posted a significant earnings decline for the fiscal year, with net income down to $83.6 million and net sales falling by roughly $310 million from $5.64 billion to $5.33 billion. The company attributed a large share of the downturn to costs and operational disruptions tied to Tropical Storm Helene, including cleanup, repairs and multiple store closures that led to an estimated tens of millions in lost revenue while some locations remained closed for extended work.

The filing described cleanup and repair costs that were partially offset by insurance proceeds, and it specifically noted effects on comparable sales, fuel sales and transaction counts. Those impacts translated into fewer customer visits and lower fuel demand at affected locations, reducing both grocery and ancillary revenue streams that matter locally. The sales decline of about 5.5 percent year over year and the roughly 21 percent drop in net income imply the company was operating with substantially thinner margins than a year earlier, with prior net income inferred to be near $106 million.

For Buncombe County residents the developments carry practical consequences. Lower sales and store closures can reduce access to groceries and fuel in the short term, lengthen trips for shoppers, and depress sales tax receipts that support local budgets. Workers at damaged stores may face scheduling disruptions while repairs continue, and suppliers who rely on regular store deliveries will feel the revenue pinch until normal operations resume.

Despite the near term financial strain, Ingles said it is continuing investments in its business even as some damaged stores remain closed and recovery efforts continue. That ongoing capital spending can help restore capacity and customer service over the medium term, but the immediate outlook points to a constrained holiday season compared with last year.

Local officials and shoppers will be watching the pace of store reopenings, insurance recoveries and comparable sales trends in the coming quarters to gauge how quickly Ingles returns to its previous revenue trajectory and how that recovery will affect the broader local economy.