Safeway boosts stock buyback

PLEASANTON, Calif. — The board of directors at Safeway announced that it has increased the authorized level of the company's stock repurchase program by $1 billion.

With this boost, the program now totals $8 billion.

Through the end of the third quarter 2011, Safeway had repurchased about $6.1 billion of its stock and had approximately $900 million remaining under its stock repurchase program, the retailer noted.