CINCINNATI, Jan. 21, 2022 /PRNewswire/ -- The Kroger Co.'s (NYSE:KR) Board of Directors today declared a quarterly dividend of 21 cents per share to be paid on March 1, 2022, to shareholders of record as of the close of business on February 15, 2022.

The company'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 capital allocation strategy is to use its free cash flow to invest in the business to drive long-term sustainable net earnings growth while also maintaining its current investment grade debt rating and returning capital to shareholders. The company actively balances the use of its free cash flow to achieve these goals and deliver strong and sustainable total shareholder returns of 8% to 11%.

About Kroger

At The Kroger Co. (NYSE:KR), we are Fresh for Everyone™ and dedicated to our Purpose: To Feed the Human Spirit®. We are, across our family of companies, nearly half a million associates who serve over 11 million customers daily through a seamless shopping experience under a variety of banner names. We are committed to 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 "expect," "continues," "strategy," "goals," and "deliver." 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. Our ability to deliver strong and sustainable shareholder returns will be affected by our ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals. 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.

Kroger's Board of Directors Declares Quarterly Dividend