CINCINNATI, OH – As the company previously reported strong positive movement to its 2016 Q1 report, Kroger announced that the company’s Board of Directors raised the quarterly dividend by 14 percent.
"We remain committed to delivering value to shareholders. Kroger has delivered double-digit compound growth in its dividend since we reinstated it in 2006," said Rodney McMullen, Kroger's chairman and CEO. "Our strong cash flow has enabled us to return to shareholders more than $2.7 billion in dividends since 2006."
This increase raises Kroger’s quarterly dividend to 12 cents per share, to be paid on September 1, 2016. The dividend will be paid to shareholders as of close of business on August 15, 2016.
The company also reported that a new $500 million share repurchase program, which will replace prior authorization which has been exhausted, according to a recent press release.
"Kroger has also returned $12.9 billion to shareholders through share repurchases since January 2000 – effectively buying back half the company's shares over the last sixteen years," finished McMullen.
Kroger stated that it expects to continue increasing the dividend over time. As we previously reported, Kroger recently reached its 50th consecutive quarter of positive identical supermarket growth. The company has been upping its strategies with the expansion of its ClickList services.
As Kroger continues to report its financials and up its retail game, stay tuned to AndNowUKnow for the latest in buy-side news.
