Krogerís Board of Directors Approves New $1 Billion Stock Repurchase Authorization
CINCINNATI, Ohio, Ė The Kroger Co.ís (NYSE: KR) Board of Directors today authorized a new $1 billion stock repurchase program. The timing of the repurchases will vary according to market conditions.
ďKrogerís business continues to generate substantial cash flow, and we believe it is important to create value and reward shareholders through share repurchases, our quarterly dividend program and prudent debt management,Ē said David B. Dillon, Krogerís chairman and chief executive officer. ďThis additional share repurchase authorization reflects the Boardís confidence in our Customer 1st strategy and the Kroger teamís ability to deliver results and reward shareholders today and in the future.Ē
During fiscal year 2011, Kroger plans to use cash flow from operations and cash on hand to fund capital expenditures, repay debt maturing on April 1, repurchase shares, pay dividends to shareholders, and maintain its current debt rating.
Since January 2000, Kroger has returned $6.5 billion in total stock repurchases to shareholders and paid $1.1 billion in dividends. The dividend program was initiated in 2006. In addition, since January 2000, Kroger has reduced total debt by $1.1 billion.
Kroger, the nationís largest traditional grocery retailer, employs more than 338,000 associates who serve customers in 2,458 supermarkets and multi-department stores in 31 states under two dozen local banner names including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fryís, King Soopers, QFC, Ralphs and Smithís. The Company also operates 786 convenience stores, 361 fine jewelry stores, 1,014 supermarket fuel centers and 40 food processing plants in the U.S. Kroger, headquartered in Cincinnati, Ohio, focuses its charitable efforts on supporting hunger relief, health and wellness initiatives, and local organizations in the communities it serves. For more information about Kroger, please visit www.kroger.com.
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