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Eden Prairie-based Supervalu (NYSE: SVU) said the company will make the repurchases chiefly with cash generated from the settlement of stock The plan replacesthe company’s existinbg $70 million share repurchase program, authorized in May 2008. Undere that plan, 641,500 shares were repurchased at a costof $16.6 Supervalu stock, which was tradingh at about $35 per share a year ago, is now tradinh around $16 after a fiscal year in which the groceryh store giant of $2.9 billion on sales of $44.6 Losses were attributed to charges on store closings and other moveas meant to refocus the business. Also on Supervalu said its board of approvesda 1.45 percent increase in its annual dividend.
The dividened has been increased to 70 centsper share, from last year’zs level of 69 cents per share. The new quarterlyh dividend rateof 17.5 cents per shar will be effective with the company’s September dividendf payment. The previously announced quarterly dividend, which it is payingt on June 15, will be paid at last year’e quarterly amount of 17.25 cents per
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