CINCINNATI - The Kroger Co . (NYSE: NYSE:KR) has announced that its Board of Directors has declared a quarterly dividend of 29 cents per share, which is scheduled to be paid on June 1, 2024, to shareholders on record by May 15, 2024.
This move is part of the company's long-term financial strategy, which includes a commitment to providing shareholder returns. Kroger has a history of dividend growth, with the quarterly dividend increasing at a compounded annual growth rate of 13.7% since its reinstatement in 2006.
The company has conveyed its intention to continue this trend of incrementally raising the dividend over time, subject to board approval.
Kroger's capital allocation strategy emphasizes the use of free cash flow to invest in the business to drive sustainable net earnings growth while maintaining a solid investment grade debt rating and returning capital to shareholders. The company carefully manages its free cash flow to balance these objectives.
The announcement also comes amidst various forward-looking statements about the company's performance. These statements are based on current management expectations and are subject to uncertainties and changes in circumstances.
Factors that could influence actual results include but are not limited to, the outcome of the proposed nationwide opioid litigation settlement, the proposed transaction with Albertsons (NYSE:ACI), labor negotiations, competition, economic conditions, regulatory changes, and the ability to manage and execute growth strategies.
Kroger is one of America's largest retailers, operating under various banner names with nearly half a million associates serving over eleven million customers daily. The company is also working towards its social impact plan, aiming to create #ZeroHungerZeroWaste communities by 2025.
The information provided in this article is based on a press release statement from The Kroger Co. and does not include any additional commentary or speculation.
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