CINCINNATI, June 27, 2019 /PRNewswire/ -- The Kroger
Co.'s (NYSE: KR) Board of Directors today announced its Board
approved a dividend increase from 56
cents to 64 cents per year. The next quarterly dividend
of 16 cents will be paid on September
1, 2019 to shareholders of record as of close of business on
August 15, 2019.
Kroger's quarterly dividend has grown at a double-digit compound
annual growth rate since it was reinstated in 2006. The company
continues to expect, subject to board approval, an increasing
dividend over time.
"Kroger's 14 percent dividend increase underscores our Board of
Director's confidence in the momentum we are building in the second
year of Restock Kroger and our ability to deliver strong free cash
flow," said Rodney McMullen,
Kroger's chairman and CEO. "This marks our 13th
consecutive year of dividend increases. We are committed to
creating shareholder value and achieving our long-term vision to
serve America through food inspiration and uplift."
Kroger's financial strategy is to use its free cash flow to
drive growth while also maintaining its current investment grade
debt rating and returning capital to shareholders. The company
actively balances the use of its cash flow to achieve these
goals.
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose:
to Feed the Human Spirit®. We are nearly
half a million associates who serve over 11 million customers daily
through a seamless digital shopping experience and 2,761 retail
food stores under a variety of banner names, serving America
through food inspiration and uplift, and creating
#ZeroHungerZeroWaste communities by 2025. To learn more about us,
visit our newsroom and investor relations site.
This press release contains forward-looking statements, as that
term is defined in the Private Securities Litigation Reform Act of
1995, about the future performance of the company. These statements
are based on management's assumptions and beliefs in light of the
information currently available to it. Such statements are
indicated by the words "achieving," "expect," "continues," "drive,"
"strategy," "goals," "growth," "committed," "momentum," "strategy,"
"vision," and similar words or phrases. Our ability to
continue to fund dividends and increase our dividend over time will
be affected by our ability to generate free cash flow at the levels
anticipated and our ability to generate expected operating results.
These forward-looking statements are 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.