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The Kroger Co.’s board of directors has approved a $1 billion share repurchase program, replacing the existing authorization that has approximately $213 million remaining.
Directors of the Cincinnati-based grocer also voted to raise the quarterly dividend by 9.5 percent, to 11.5 cents per share, payable on Dec. 1. This equates to 46 cents per share on an annual basis.
“Kroger remains committed to using our substantial free cash flow to reinvest in our business through our ‘Customer 1st’ strategy and capital expenditures, and returning cash to shareholders through solid earnings per share growth, dividends and share repurchases,” said David B. Dillon, Kroger chairman and CEO. “Since Kroger reinstated dividends in 2006, we have returned more than $4.6 billion back to shareholders through dividends and share repurchases.”
Kroger operates 2,439 supermarkets and multidepartment stores in 31 states under two dozen local banner names including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry’s, King Soopers, QFC, Ralphs and Smith’s.