Kroger Board of Directors Declares Quarterly Dividend, Approves Incremental $500 Million Share Repurchase Program
CINCINNATI, March 9, 2017 /PRNewswire/ -- The Kroger Co.'s (NYSE: KR) Board of Directors today declared a quarterly dividend of 12¢ per share to be paid on June 1, 2017 to shareholders of record as of the close of business on May 15, 2017.
Kroger today also announced an incremental $500 million share repurchase program, supplementing the current authorization, which has approximately $120 million remaining as of March 8, 2017.
"Kroger's share repurchase authorization reflects our Board of Directors' confidence in our long-term strategy and our ability to generate value for shareholders," said Rodney McMullen, Kroger's chairman and CEO. "We remain committed to delivering value to shareholders. Over the last four quarters, the company has returned more than $2.2 billion to shareholders through share buybacks and dividends combined."
Kroger has delivered double-digit compound growth in its dividend since it was reinstated in 2006. The company expects, subject to board approval, to have an increasing dividend over time.
Every day, the Kroger Family of Companies makes a difference in the lives of eight and a half million customers and 443,000 associates who shop or serve in 2,796 retail food stores under a variety of local banner names in 35 states and the District of Columbia. Kroger and its subsidiaries operate an expanding ClickList offering – a personalized, order online, pick up at the store service – in addition to our 2,255 pharmacies, 784 convenience stores, 319 fine jewelry stores, 1,445 supermarket fuel centers and 38 food production plants in the United States. Kroger is recognized as one of America's most generous companies for its support of more than 100 Feeding America food bank partners, breast cancer research and awareness, the military and their families, and more than 145,000 community organizations including schools. A leader in supplier diversity, Kroger is a proud member of the Billion Dollar Roundtable.
This press release contains a forward-looking statement, as that term is defined in the Private Securities Litigation Reform Act of 1995, about the future performance of the company. This statement is based on management's assumptions and beliefs in light of the information currently available to it. Such statement is indicated by the word "expect." Our ability to continue to increase our dividend over time, will be affected by our inability to generate free cash flow at the levels anticipated and our failure to generate expected operating results. This forward-looking statement is subject to uncertainties and other factors that could cause actual results to differ materially. We assume no obligation to update the information contained herein. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.
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SOURCE The Kroger Co.