INGLES MARKETS INC — Director's Dealing 2004

Jan 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INGLES MARKETS INC (IMKTA)
CIK: 0000050493
Period of Report: 2004-01-27

Reporting Person: HUGHES NANCY L (Vice President - Deli)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-27	Class A Common Stock	M	17100	$9.5625	Acquired	17100	Direct
2004-01-27	Class A Common Stock	S	1700	$11.16	Disposed	15400	Direct
2004-01-27	Class A Common Stock	S	2000	$11.13	Disposed	13400	Direct
2004-01-27	Class A Common Stock	S	3000	$11.09	Disposed	10400	Direct
2004-01-27	Class A Common Stock	S	1200	$11.05	Disposed	9200	Direct
2004-01-27	Class A Common Stock	S	100	$11.02	Disposed	9100	Direct
2004-01-27	Class A Common Stock	S	200	$11.01	Disposed	8900	Direct
2004-01-27	Class A Common Stock	S	4300	$11.00	Disposed	4600	Direct
2004-01-27	Class A Common Stock	S	1700	$10.95	Disposed	2900	Direct
2004-01-27	Class A Common Stock	S	900	$10.94	Disposed	2000	Direct
2004-01-27	Class A Common Stock	S	2000	$10.90	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-27	Employee Stock Option (Right to Buy)	$9.5625	M	17100	Disposed	2004-05-19	Class A Common Stock (17100)	Direct