Safeway Inc. Board of Directors Increases Stock Repurchase Authorization by $2 Billion
PLEASANTON, CA -- (Marketwired) -- 10/18/13 -- Safeway Inc. (SWY) announced that its Board of Directors increased the authorized level of the company's stock repurchase program by $2.0 billion. Through the end of the third quarter of 2013, Safeway had approximately $0.8 billion 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 Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,406 stores in the United States which had annual sales of $37.5 billion in 2012.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements relate to, among other things, plans regarding our stock repurchase program. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. For example, the execution of the stock repurchase program will depend on factors such as market conditions and corporate and regulatory requirements. We undertake no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof and disclaim any obligation to do so. Please refer to our reports and filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, subsequent Quarterly Report on Form 10-Q, and Current Reports on Form 8-K, for a further discussion of these risks and uncertainties.
Contact: Safeway Inc. Christiane Pelz (925) 467-3832
Source: Safeway Inc.