US grocery retailer Safeway Inc has increased its stock buy-back programme by US$1bn.

The company said today (8 December) that in the first three quarters of 2010 it had repurchased $5.2bn worth of stock. It still has approximately $800m left in its stock repurchasing programme.

If it purchases the remaining amount, it could end the year having bought some $7bn in stock.

However, Safeway added that the timing and volume of future repurchases will depend on market conditions.