SALISBURY, NC – Food Lion, Inc. (Nasdaq FDLNA, FDLNB) announced today that it plans to repurchase shares of its common stock under the Company’s repurchase program. Food Lion will purchase stock from time to time, according to SEC guidelines and in the best interest of its shareholders.
"Food Lion has a strong financial position to support a share repurchase program, and the time is appropriate for Food Lion to implement the program and add value for our shareholders,” said Tom Smith, Food Lion President and Chief Executive Officer.
The repurchase program, approved by the Board of Directors earlier this year, authorizes the repurchase of up to $100 million of the Company’s stock.
With 1997 sales of $10.2 billion, Food Lion is one of the nation’s largest supermarket chains. The Company and its more than 87,000 employees serve approximately 10 million customers a week at 1,094 Food Lion supermarkets in 11 states and 90 Kash n’ Karry stores in West Central Florida.
Safe Harbor Statement Regarding Forward-looking Information or Statements
This document contains forward-looking statements that involve uncertainties. Factors that could cause results to differ materially from those in the forward-looking statements are detailed from time to time in reports filed by the Company with the SEC, including Forms 8K, 10Q and 10K.
Contact: Chris Ahearn (704) 633-8250, Ext. 2892