Pleasanton, Calif. – The board of directors of Safeway Inc. has increased the authorized level of the company's stock repurchase program by $2 billion. Through the end of the third quarter of 2013, Safeway had approximately $800 million remaining under its previously authorized stock repurchase program.
Safeway's stock repurchase authorization does not have an expiration date, and the timing of repurchases will depend on market conditions. Stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. The stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.
Safeway recently reported weaker-than-expected quarterly earnings but beat forecasts for quarterly sales and also said it would exit the Chicago market.