Safeway's board OKs quarterly dividend, increase for stock repurchase authorization

PLEASANTON, Calif. — Safeway announced that its board of directors Friday declared a regular quarterly cash dividend of 14.5 cents per share.

The dividend will be payable on April 12 to stockholders of record at the close of business on March 22, the company noted.

In related financial news, the retailer's board also increased the authorized level of the company's stock repurchase program by $1 billion. The stock repurchase program, which may be accelerated, suspended, delayed or discontinued at any time, had about $400 million remaining through Feb. 22, Safeway said.