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
Portfolio Pulse from Benzinga Newsdesk
Ingles Markets (NASDAQ:IMKTA) reports a financial impact of $35M-$55M due to Hurricane Helene, with expected insurance reimbursement of $10M-$15M. Four stores are temporarily closed, but the distribution center is operational. The impact will be reflected in the fiscal results ending September 28, 2024.
October 29, 2024 | 8:38 pm
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Ingles Markets faces a significant financial impact from Hurricane Helene, estimating losses between $35M-$55M, with insurance covering $10M-$15M. The impact will be included in fiscal results for the year ending September 28, 2024.
The financial impact of the hurricane is significant, with estimated losses of $35M-$55M. Although insurance will cover part of the loss, the net impact will still affect the company's financial results. The temporary closure of four stores may also affect short-term revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100