Supervalu To Buy Back Up To $70M In Stock

MINNEAPOLIS (AP) — Supermarket chain Supervalu Inc. said Thursday that its board approved a new annual plan that allows the company to buy back up to $70 million in common shares.

Supervalu said the plan replaces the company's current $70 million share buyback plan, which had been authorized last May. The company repurchased 641,500 shares for $16.6 million under that plan.

The company also said its board approved a 1.45 percent increase to its annual dividend, raising it to 70 cents per share from last year's 69 cents per share.

This brings the company's quarterly dividend rate up to 0.175 cents per share, and will become effective in September. Supervalu said its already announced quarterly dividend — which it is paying June 15 to shareholders of record on June 1 — will remain at the 2008 quarterly dividend rate of 0.1725 cents per share.