ASHEVILLE, N.C. — The board of directors of Ingles Markets here has authorized the company to buy back up to 1 million shares of its Class A and Class B stock.
“The stock repurchase authorization highlights our confidence in Ingles’ business and our outlook for continued growth,” Robert P. Ingle. Chief executive officer, said in a statement.
Ingles’ Class A stock, traded on the NASDAQ exchange, has been down over the last six months as the retailer experienced slower sales and lower profits in the down economy. Its Class B stock are not publicly traded and held primarily by insiders and by Ingles’ profit sharing plan.
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