Safeway Board Authorizes $1B Stock Buy

The board of directors of Safeway said Friday that it had authorized the company to repurchase another $1 billion worth of its stock.

PLEASANTON, Calif. — The board of directors of Safeway here said Friday that it had authorized the company to repurchase another $1 billion worth of its stock.

The authorization increased Safeway’s current repurchase plan to $6 billion. The retailer had about $720 million left under its current repurchase authorization.

The timing and volume of the purchase will depend on market conditions, the company said.

Safeway also announced a 10 cents per share dividend,

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