Dive Summary:
- Safeway announced it has increased the company’s stock buyback program by $2 billion.
- The company had an additional $800 million remaining under the previously agreed upon repurchasing program.
- The stock repurchasing authorization approved by the company board of directors will not expire.
Dive Insight:
The announcement from Safeway comes as the supermarket chain recently decided to exit the market in the city of Chicago, following an underwhelming quarterly revenue report for the company.