SUPERVALU (SVU) Approves Dividend Increase & $70 Million Share Buyback Plan
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SUPERVALU INC. (NYSE: SVU) approved a 1.45% increase in the annual indicated dividend to $0.70 per share from last year’s level of $0.69 per share. With this announcement, SUPERVALU continues its strong dividend history, having paid dividends for over 70 years. The new quarterly dividend rate of $0.175 per share will be effective with the September dividend payment. The previously announced quarterly dividend, which is payable on June 15, 2009 to shareholders of record as of June 1, 2009 will be paid at last year’s quarterly amount of $0.1725 per share.
SUPERVALU's board of directors today adopted a new annual share repurchase program authorizing the company to purchase up to $70 million of the company's common stock. Stock purchases will be made from time to time in open market purchases primarily from the cash generated from the settlement of stock options. The annual authorization program announced today replaces the existing $70 million share repurchase program authorized in May 2008 under which 641,500 shares were repurchased at a cost of $16.6 million.[SM]
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