Ingles OKs 2M-Share Repurchase Program

Ingles Markets Inc.’s board of directors has authorized the repurchase of up to an aggregate of 2 million shares of its Class A and Class B Common Stock. Ingles had about 14.2 million Class A shares outstanding and 6 million Class B shares outstanding as of March 19.

The share repurchase program may be executed through open-market purchases, block trades, purchases from Ingles’ investment/profit-sharing plan and in negotiated private transactions. The company plans to use existing cash, cash flow from operations and other financing sources to fund the repurchase program.

Ingles’ Class A shares are listed on the NASDAQ Stock Market’s Global Select Market under the symbol IMKTA. Its Class B shares aren’t publicly traded and are held primarily by insiders and the company’s investment/profit sharing plan. The Class B shares are valued on a one-to-one basis with Ingles’ publicly traded Class A shares.

Operating 197 supermarkets in six southeastern states, Asheville, North Carolina-based Ingles is No. 52 on The PG 100, Progressive Grocer’s list of the top food and consumables retailers in North America.