Ingles Markets Estimates That The Financial Impact Of Inventory And Property Loss From Hurricane Helene Will Be Between $35M-$55M, For Which We Expect Between $10M-$15M Of Insurance Reimbursement, And Such Impact Will Be Included In Our Results Of Operations For Fiscal Quarter And Year Ended September 28, 2024

Author: Benzinga Newsdesk | October 29, 2024 04:38pm

Ingles Markets, Incorporated (NASDAQ:IMKTA) today announced improvements since Hurricane Helene impacted the operation of both the company's stores and its distribution center. Of our 198 stores, 194 stores are currently open. Four of our stores sustained damage due to flooding and winds and are temporarily closed. We expect all four to reopen over the next three to nine months. Our distribution center is fully operational and has returned to normal operations.

We have currently estimated that the financial impact of inventory and property loss will be between $35 and $55 million, for which we expect between $10 to $15 million of insurance reimbursement, and such impact will be included in our results of operations for our fiscal quarter and year ended September 28, 2024. Due to the complexity and preliminary nature of the information currently available to us, the ultimate financial impact of inventory and property loss may differ materially from our current estimates, which are subject to uncertainties, including those identified below in our Cautionary Note Regarding Forward-Looking Statements.

Posted In: IMKTA