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    Safeway Approves 20% Increase in the Quarterly Dividend

    The chain also increases its stock repurchase authorization by $1 billion.

    Safeway Inc. yesterday declared a regular quarterly cash dividend of 8.28 cents per share - a 20 percent increase from the previous 6.9 cents offered. The dividend is payable July 17 to stockholders of record at the close of business June 26

    Safeway's board also increased the authorized level of the company's stock repurchase program by $1 billion to a total of $5 billion, and has repurchased approximately $3.55 billion of Safeway stock since the inception of the program through the end of the first quarter, resulting in a remaining authorization of approximately $1.45 billion.

    Safeway, based in Pleasanton, Calif., operates 1,740 stores in the United States and western Canada. It logged sales of $42.3 billion in 2007.

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