Executive Summary

Q4 2024 net sales were $1.40B (13-week quarter) versus $1.58B in Q4 2023 (14 weeks), and the company reported a net loss of $1.5M driven by Helene-related inventory ($30.4M) and property ($4.5M) impairments, compressing gross margin to 21.4% from 23.3% YoY .
Diluted EPS (Class A) was -$0.08 in Q4 2024 vs $2.77 in Q4 2023 and $1.67 in Q3 2024; operating margin swung to -0.1% from 4.5% YoY amid hurricane impacts and the shorter quarter length .
Balance sheet remained resilient with $353.7M cash, $462.1M inventories, and total debt reduced to $532.6M from $550.2M YoY; full $150M revolver availability supports capex and working capital .
No formal guidance was provided; the Board declared a quarterly cash dividend of $0.165 (Class A) and $0.15 (Class B) payable Jan 16, 2025 (record Jan 9), and disclosed a Nasdaq notice regarding delayed 10-K filing due to Helene .

What Went Well and What Went Wrong

Distribution center returned to normal operations and 194/198 stores reopened shortly after Helene; remaining four stores expected to reopen within 3–9 months .
Liquidity intact: $353.7M cash on hand at FY-end and full $150M revolver availability; management expects sufficient resources for capex, debt service, and working capital .
Management emphasized community response and associate efforts: “I am proud of how not only our associates came together, but our entire region…” — Robert P. Ingle II .

Hurricane Helene caused significant impairments: $30.4M inventory and $4.5M property & equipment recognized in Q4/FY 2024, contributing to a quarterly net loss .
Gross margin compression to 21.4% (from 23.3% YoY) and operating loss (-$1.4M) vs $71.6M operating income in Q4 2023 highlight pressure on profitability .
Nasdaq notice on delayed 10-K filing underscores operational disruption and reporting timing risks post-Helene .

Metric	Q4 2023	Q3 2024	Q4 2024
Net Sales ($USD Billions)	$1.58	$1.39	$1.40
Gross Margin (%)	23.3%	23.7%	21.4%
Operating Income ($USD Millions)	$71.6	$44.2	-$1.4
Operating Margin (%)	4.5% (71.596/1,584.995)	3.2% (44.151/1,393.539)	-0.1% (-1.443/1,397.529)
Net Income ($USD Millions)	$52.6	$31.7	-$1.5
Net Margin (%)	3.3% (52.641/1,584.995)	2.3% (31.722/1,393.539)	-0.1% (-1.473/1,397.529)
Diluted EPS (Class A) ($)	$2.77	$1.67	-$0.08

Notes:

Metric	FY 2023	FY 2024
Cash and Cash Equivalents ($USD Millions)	$328.5	$353.7
Inventories ($USD Millions)	$493.9	$462.1
Total Assets ($USD Millions)	$2,473.8	$2,527.9
Total Debt ($USD Millions)	$550.2	$532.6
Stockholders’ Equity ($USD Millions)	$1,459.0	$1,545.7

Segment	Q4 2024 Revenue ($USD)
Not disclosed in Q4 press release/8-K

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2024	None provided	None provided	Maintained (no guidance)
Gross Margin	FY/Q4 2024	None provided	None provided	Maintained (no guidance)
OpEx	FY/Q4 2024	None provided	None provided	Maintained (no guidance)
Tax Rate	FY/Q4 2024	None provided	None provided	Maintained (no guidance)
Capex	FY 2024	$170–$190M expected (Q3 press release)	Actual $210.9M	Above prior expectation
Dividends	Q1 FY 2025 (payable 1/16/25)	Prior quarterly cadence	$0.165 (Class A), $0.15 (Class B), record 1/9/25	Maintained quarterly dividend

No earnings call transcript was available for Q4 2024; themes derive from company press releases.

Topic	Previous Mentions (Q-2)	Previous Mentions (Q-1, Q3 2024)	Current Period (Q4 2024)	Trend
Supply chain/operations	Not found in catalog	Stable operations; focus on service/affordability	Distribution center back to normal; 194/198 stores open post-Helene	Recovering operations post-disruption
Tariffs/macro	Not discussed	Not discussed	Not discussed	Stable narrative
Weather/natural disaster	Not discussed	Not discussed	Significant Helene impact; $30.4M inventory and $4.5M property impairments	Elevated risk and recovery focus
Capex	Not discussed	FY 2024 expected $170–$190M	FY 2024 actual $210.9M	Higher than expected
Regulatory/legal	Not discussed	Not discussed	Nasdaq notice on delayed 10-K filing	Temporary reporting risk
Technology/AI	Not discussed	Not discussed	Not discussed	No change

“After Hurricane Helene impacted our communities, I am proud of how not only our associates came together, but our entire region. We are truly thankful for all the volunteers and the outpouring of support for our region.” — Robert P. Ingle II, Chairman .
Helene impact disclosed: impairment loss of $30.4M related to inventory damaged or destroyed and $4.5M related to property and equipment for the quarter and year ended September 28, 2024 .
Liquidity and resources: full $150.0M line of credit available; management believes resources sufficient for capex, debt service, and working capital requirements .

No public earnings call transcript or Q&A content was available for Q4 2024 in the document catalog; analysis reflects press release disclosures .

Consensus EPS and revenue estimates for Q4 2024 via S&P Global were unavailable at the time of analysis; therefore, no beat/miss comparisons are shown.*
Given the magnitude of Helene-related impairments and a shorter quarter (13 vs 14 weeks), we expect Street models to revise FY/quarterly profitability assumptions to reflect temporary margin pressure and the cadence of insurance recoveries .

*Values retrieved from S&P Global.

Q4 2024 was an exceptional event quarter: hurricane-driven impairments and a shorter quarter led to a net loss and margin compression; underlying demand remains intact as operations normalized quickly post-storm .
Liquidity and balance sheet strength provide flexibility: $353.7M cash, reduced total debt, and full $150M revolver support ongoing rebuild and capex needs .
Capex finished above prior expectations; expect elevated near-term investment as impacted stores return and physical assets are restored .
Near-term catalysts: progress on reopening the remaining four stores (3–9 months), insurance reimbursement timing, and the filing of the delayed 10-K per Nasdaq notice .
With no formal guidance and limited KPI disclosure (comps/traffic not provided), focus on cadence of margins and operating income normalization across upcoming quarters .
Dividend continuity maintained; the declared January 2025 payment underscores commitment to returning capital while managing post-Helene investments .
Risk monitoring: weather-related disruptions, potential cost inflation, and reporting timing; however, resilient operations and liquidity mitigate medium-term risk .