Ingles Markets Inc (NASDAQ: IMKTA) is a regional supermarket operator that runs grocery stores across the southeastern United States. Revenue comes primarily from retail sales of grocery, non-food, perishable, and fuel products at company-owned stores, supplemented by fluid dairy operations and shopping center rental income. As of September 27, 2025, the company operated 185 supermarkets under the "Ingles" banner and nine under the "Sav-Mor" banner across western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, with three additional stores temporarily closed due to Hurricane Helene damage. Total revenue was $5.334 billion for the fiscal year ended September 27, 2025, down from $5.640 billion in FY2024. Retail sales accounted for 96.1% of total revenue in FY2025, with grocery at $1.934 billion, perishables at $1.405 billion, non-foods at $1.168 billion, and fuel at $621 million. The remaining 3.9% came from other revenues including dairy operations and rental income. CEO James W. Lanning serves as President, Chief Executive Officer, and Chief Operating Officer. Robert P. Ingle, II serves as Chairman.

Revenue model

Transactional retail sales across grocery, perishable, non-food, and fuel categories at 194 company-operated supermarkets (as of September 27, 2025) generate 96.1% of revenue. The remaining 3.9% comes from fluid dairy operations and shopping center rentals. Vendor allowances, slotting fees, and promotional discounts from suppliers offset merchandise costs. Private label products sold under the "Laura Lynn" and "Harvest Farms" trademarks contribute margin across categories including milk, bread, soft drinks, and canned goods.

Products and services

Grocery staples, perishables (meat, produce, deli, bakery), non-food products, and fuel sold at store-level. Private label offerings under "Laura Lynn" and "Harvest Farms Organic" brands cover milk, bread, organic products, soft drinks, and canned goods. In-store prepared foods include rotisserie meats, sushi, sandwiches, and baked-on-site bread, cakes, and pastries. Ingles Curbside online ordering and pickup is available at 131 stores as of the FY2025 10-K filing. Fluid dairy processing and packaging, and car wash services, operate as ancillary businesses. Shopping center space is leased to third parties.

Customers and end markets

Retail grocery consumers in the southeastern United States. No disclosed customer concentration. End demand is driven by everyday household food and consumable needs. The "Sav-Mor" store format targets smaller-market shoppers with a simplified dry grocery, dairy, meat, and produce assortment.

Value-chain role

Vertically integrated regional grocer. Owns and operates warehouse and distribution facilities, a milk processing and packaging plant, and a private fleet of 189 tractors and 819 trailers (as of the FY2025 10-K filing) for store replenishment. Back-haul contracting with third parties offsets distribution costs. Stores are company-developed, owned, or leased, with ongoing remodeling and expansion investment.

Geographic exposure

Southeastern United States: western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, as of September 27, 2025.

Source: SEC 10-K, filed 2025-11-26

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