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

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Eden Prairie-based Supervalu (NYSE: SVU) said the companyg will make the repurchasezs chiefly with cash generated from the settlement ofstocik options. The plan replaces the company’d existing $70 million share repurchase program, authorized in May 2008. Unde that plan, 641,500 shares were repurchased at a costof $16.67 million. Supervalu stock, which was tradinf at about $35 per share a year ago, is now tradintg around $16 after a fiscal year in whicb the grocery store giantof $2.9 billionn on sales of $44.6 billion. Losse s were attributed to charges on store closings and other movess meant to refocusthe business. Also on Supervalu said its board of approvefa 1.
45 percent increase in its annuall dividend. The dividend has been increasesd to 70 cents per fromlast year’s level of 69 centxs per share. The new quarterly dividensd rateof 17.5 cents per share will be effectives with the company’s September dividend payment. The previously announces quarterly dividend, which it is paying on June 15, will be paid at last year’a quarterly amount of 17.
25 cents per