US retailer Ingles Markets has authorised the repurchase of up to one million shares of its Class A and Class B common stock.
The firm had approximately 12.9m Class A shares outstanding and 11.6m Class B shares outstanding as of 25 January 2010, the company said on Tuesday (9 March).
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“The stock repurchase authorization highlights our confidence in Ingles’ business and our outlook for continued growth,” said Robert Ingle, CEO. “We believe the stock repurchase programme is a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share.”
Ingles Markets said it plans to use existing cash, cash flow from operations and other financing sources to fund the repurchase programme.
Earlier this year, Ingles Markets booked a drop in first-quarter income, hurt by a “competitive” operating environment.
The firm made a profit of US$6m for the quarter ended 26 December, compared to a profit of $11.1m in the prior year. Sales, however, increased 4.5% to reach $841m.
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