Reuters: Global Markets: Safeway raises stock buyback program

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Safeway raises stock buyback program Mar 19th 2012, 13:22 Mon Mar 19, 2012 9:22am EDT (Reuters) - Safeway Inc (SWY.N), the second-largest U.S. supermarket operator, expanded its stock repurchase program by $1 billion and declared a regular quarterly dividend of 14.5 cents a share. The chain, which recently forecast a larger-than-expected rise in full-year profit, said the cash dividend will be payable on April 12 to stockholders of record at the close of business on March 22. The operator of grocery chains such as Safeway, Vons and Dominick's had about $400 million remaining under its stock repurchase program, through February 22. The buyback authorization does not have an expiry date. The company operates 1,678 stores in the United States and western Canada, and competes with larger rival Kroger Co (KR.N). Safeway shares closed at $22.17 Friday on the New York Stock Exchange. (Nivedita Bhattacharjee in Chicago; Editing by Gerald E. McCormick)

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