Food distributor Kroger says its board of directors has authorized a new billion dollar share buyback program, replacing the current authorization, which had about $ 157 million remaining as of December 29.
“This clearance reflects our board’s confidence in the strength of our free cash flow and our ability to generate consistently strong and attractive total returns for shareholders,” commented CEO Rodney McMullen.
Kroger may effect such buybacks through open market or negotiated transactions, including accelerated buybacks or bulk transactions. The program does not have an expiration date, but can be suspended or terminated at any time.
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