Asheville, N.C. Ingles Markets announced it will repurchase up to one million shares of its common stock.
Ingles CEO Robert P. Ingle said the repurchase highlights the company's confidence in its business and outlook for continued growth. Companies typically repurchase stock to boost the value to existing shareholders.
The grocery chain will repurchase Class A and Class B common shares. Ingles has roughly 12.9 million outstanding shares of Class A stock and 11.6 million shares of Class B stock.