MINNEAPOLIS--(BUSINESS WIRE)--May. 28, 2009--
SUPERVALU INC. (NYSE:SVU) today announced that its board of directors
approved a 1.45 percent 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.
Share Repurchase Authorization
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.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest companies in the U.S. grocery
channel with estimated annual sales of $43 billion. SUPERVALU holds
leading market share positions across the United States with its
approximately 2,500 retail grocery locations, including nearly 900
in-store pharmacies. Through the company’s nationwide supply chain
network, SUPERVALU provides distribution and related logistics support
services to more than 2,500 independent retailers across the country.
SUPERVALU has approximately 180,000 employees.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Except for the historical and factual information contained herein, the
matters set forth in this news release are forward-looking statements
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially, including the impact of economic and
industry conditions, competition, food and drug safety issues, the
integration of Albertsons operations, store expansion and remodeling,
liquidity, labor relations issues, escalating costs of providing
employee benefits, regulatory matters, self insurance, legal and
administrative proceedings, information technology, security, severe
weather, natural disasters and adverse climate changes and accounting
matters and other risk factors relating to our business or industry as
detailed from time to time in SUPERVALU’s reports filed with the SEC.
You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this news release. Unless legally
required, SUPERVALU undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: SUPERVALU INC.
David Oliver, 952-828-4540
Director, Investor Relations