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Kroger's board approves $1B share buyback

Kroger Co. said March 15 that its board of directors approved an incremental repurchase of $1 billion worth of shares in addition to its outstanding buyback program.

The company's authorization announced June 22, 2017, of $1 billion in share repurchases still had about $76 million remaining as of March 13.

The announcement comes over a month after the Ohio-based supermarket operator agreed to sell its convenience store business for $2.15 billion in a bid to buy back shares and pay down debt.

Kroger, which declared an unchanged quarterly dividend of 12.5 cents to be paid June 1 to shareholders of record as of May 15, also said it anticipates an increasing dividend over time, subject to board approval.