Kroger Co Board authorizes $500m stock repurchase program
05 May '06
1 min read
The Kroger Co announced that its Board of Directors has authorized the repurchase of $500 million of Kroger common stock.
The timing of the repurchases will vary according to market conditions. This repurchase program replaces the $500 million stock buyback announced in September 2004, which had approximately $7.5 million remaining at close of business Thursday.
The company reiterated its commitment to Kroger's long- term financial strategy of using one-third of free cash flow for debt reduction and two-thirds for share repurchase and the payment of a cash dividend.
"The new share repurchase program reflects our confidence in the Company's strategic plan and our belief that Kroger shares represent an attractive investment opportunity," said David Dillon, Kroger Chairman and CEO.
Headquartered in Cincinnati, Ohio, Kroger is one of the nation's largest retail grocery chains. It operates 2,507 supermarkets and multi- department stores in 31 states under two dozen local banners including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith's and Smith's Marketplace, Fry's and Fry's Marketplace, Dillons, QFC and City Market.
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