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|SUPERVALU Announces Annual Dividend Rate, Declares Quarterly Dividend and Authorizes Share Repurchase Program|
MINNEAPOLIS, Jun 24, 2010 (BUSINESS WIRE) --SUPERVALU INC. (NYSE:SVU) today announced that its Board of Directors approved an annual indicated dividend of $0.35 per share, unchanged from the previous annualized rate.
The Board of Directors also declared a regular quarterly dividend of $0.0875 per share. The dividend is payable on September 15, 2010 to stockholders of record as of the close of business on September 1, 2010. As of June 18, 2010, there were approximately 212.1 million shares outstanding.
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 through June 30, 2011. 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 2009 under which approximately 220,000 shares were repurchased at an approximate cost of $2.9 million.
About SUPERVALU INC.
SUPERVALU INC. is one of the largest companies in the U.S. grocery channel with estimated annual sales of $39 billion. SUPERVALU serves customers across the United States through a network of approximately 4,290 stores composed of approximately 1,160 traditional retail stores, including 840 in-store pharmacies; 1,190 hard-discount stores, of which 855 are operated by licensee owners; and 1,940 independent stores serviced primarily by the company's traditional food distribution business. SUPERVALU has approximately 160,000 employees. For more information about SUPERVALU visit www.supervalu.com.
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, particularly those pertaining to SUPERVALU's expectations, guidance, or future operating results, and other statements identified by words such as "estimates," "expects," "projects," "plans," and similar expressions 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 conditions, strategic initiatives, competition, food and drug safety issues, liquidity, labor relations issues, escalating costs of providing employee benefits, regulatory matters, self-insurance, legal and administrative proceedings, information technology, severe weather, natural disasters and adverse climate changes, the continuing review of goodwill and other intangible assets, 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.