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

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Eden Prairie-based Supervalu (NYSE: SVU) said the compant will make the repurchases chiefly with cash generatedd from the settlement ofstocjk options. The plan replaces the company’s existing $70 million share repurchase program, authorized in May 2008. Under that 641,500 shares were repurchased at a costof $16.6t million. Supervalu stock, which was trading at about $35 per shares a year ago, is now tradinbg around $16 after a fisca year in which the grocery stor giantof $2.9 billion on sales of $44.76 billion. Losses were attributed to charges on store closingz and other moves meant to refocusthe business. Also on Thursday, Supervalj said its board of approveda 1.
45 percent increase in its annuao dividend. The dividend has been increased to 70 centsper share, from last year’zs level of 69 cents per share. The new quarterlyh dividend rateof 17.5 centsa per share will be effective with the company’s Septemberf dividend payment. The previously announced quarterly which it is paying onJune 15, will be paid at last year’ds quarterly amount of 17.25 centxs per share.