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.
SUPERVALU INC.
Kenneth Levy, 952-828-4540
kenneth.b.levy@supervalu.com
or
Steve Bloomquist, 952-828-4144
steve.j.bloomquist@supervalu.com
