SOURCE: Safeway Inc.

Safeway Inc.

November 30, 2011 09:00 ET

Safeway Inc. Board of Directors Increases Stock Repurchase Authorization by $1.0 Billion

PLEASANTON, CA--(Marketwire - Nov 30, 2011) - Safeway Inc. (NYSE: SWY) announced that its Board of Directors increased the authorized level of the company's stock repurchase program by $1.0 billion to a total of $8.0 billion. Through the end of the third quarter of 2011, Safeway had repurchased approximately $6.1 billion of its stock and had approximately $0.9 billion remaining under its stock repurchase program.

Safeway's stock repurchase authorization does not have an expiration date, and the timing and volume of future repurchases will depend on factors such as the company's day-to-day business needs as well as its stock price and economic and 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 1,681 stores in the United States and western Canada and had annual sales of $41.1 billion in 2010.

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