Kroger Board of Directors Declares Quarterly Dividend, Approves Incremental $500 Million Share Repurchase Program

Mar 10, 2016, 12:30 ET from The Kroger Co.

CINCINNATI, March 10, 2016 /PRNewswire/ -- The Kroger Co.'s (NYSE: KR) Board of Directors today declared a quarterly dividend of 10.5 cents per share to be paid on June 1, 2016, to shareholders of record on the close of business on May 13, 2016.

Kroger has delivered double-digit compound growth in its dividend since it was reinstated in 2006. The company continues to expect an increasing dividend over time.

Kroger today also announced a new, $500 million share repurchase program, supplementing the current authorization, which has $175.6 million remaining as of March 9, 2016.

"We are committed to delivering value that shareholders can count on," said Rodney McMullen, Kroger's chairman and CEO. "Kroger has repurchased nearly half of the shares of the company, and has returned approximately $12 billion to shareholders through share repurchases since January 2000."

Every day, the Kroger Family of Companies makes a difference in the lives of eight and a half million customers and 431,000 associates who shop or serve in 2,778 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 2,231 pharmacies, 784 convenience stores, 323 fine jewelry stores, 1,387 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.



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