RTTNews | Dec 30, 2021 08:09AM EST

08:09 Thursday, December 30, 2021 (RTTNews.com) - The Kroger Co. (KR) announced Thursday that its Board of Directors authorized a new $1 billion share repurchase program, replacing the current authorization, which had approximately $157 million remaining as of December 29, 2021.

Under the repurchase program, Kroger is authorized to repurchase its outstanding common shares from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to trading plans.

The share repurchase program has no expiration date but may be suspended or terminated by the Board of Directors at any time.

Kroger said it continues to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable net earnings growth, maintaining its current investment grade debt rating, and returning excess free cash flow to shareholders via share repurchase and a growing dividend over time.

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