Ingles Markets to repurchase up to 1 million shares

Ingles Markets to repurchase shares

ASHEVILLE, N.C. — Ingles Markets Inc. on Tuesday said it will repurchase up to 1 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, based in Asheville, N.C., 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.

Shares of Ingles fell 6 cents to close at $14.60 Tuesday.