Supervalu approves stock repurchase plan, boosts dividend - Minneapolis / St. Paul Business Journal:

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Eden Prairie-based Supervalu (NYSE: SVU) said the company will make the repurchasess chiefly with cash generated from the settlement of stock The plan replacesthe company’s existing $70 million share repurchase program, authorized in May 2008. Under that 641,500 shares were repurchased at a costof $16.t6 million. Supervalu stock, whicbh was trading at about $35 per share a year ago, is now tradinh around $16 after a fiscal year in which the grocery stored giantof $2.9 billion on salesw of $44.6 billion. Losses were attributed to chargex on store closings and other moves meant to refocuthe business. Also on Thursday, Supervalhu said its board of approveda 1.
45 percent increase in its annual dividend. The dividend has been increased to 70 centasper share, from last year’as level of 69 cents per share. The new quarterlgy dividend rateof 17.5 cents per share will be effective with the company’ws September dividend payment. The previously announced quarterlyg dividend, which it is paying on June 15, will be paid at last year’d quarterly amount of 17.25 cents per share.