CINCINNATI — The board of directors of Kroger Co. here on Thursday approved a $1 billion share repurchase program, replacing the existing authorization that has approximately $213 million remaining.
Kroger said the timing of the repurchases will vary according to market conditions, but is expected to be used over the next 12 months. The board on Thursday also raised Kroger's quarterly dividend by 9.5% to 11.5 cents per share.
"Kroger remains committed to using our substantial free cash flow to reinvest in our business through our customer first strategy and capital expenditures, and returning cash to shareholders through solid earnings per share growth, dividends and share repurchases," David B. Dillon, Kroger's chairman and chief executive officer, said in a statement.
