Kroger approves $1 billion buyback plan

CINCINNATI Kroger announced today that its board of directors has authorized the repurchase of $1 billion of Kroger common stock.

According to Kroger, the repurchase authorization replaces the $1 billion stock buyback announced in June 2007. The timing of the repurchases will vary according to market conditions, the company reported.

Kroger said it plans to use free cash flow to repurchase shares and pay dividends. Since January 2000, Kroger has returned $4.8 billion in stock repurchases and $290 million in dividends to shareholders.

"The new share repurchase authorization reflects our confidence in the company's Customer 1st strategic plan and our belief that Kroger shares represent an attractive investment opportunity," said David Dillon, Kroger chairman and ceo.