US supermarket operator Kroger has revealed that it is to repurchase some US$500m of its stock, replacing the US$225m remaining under its current US$1bn share buyback plan.
Kroger's board approved the share buyback plan last week, Reuters reported.
The decision has been made so that Kroger can use free cash flow to buy back shares, pay dividends and maintain its current debt rating.
Kroger operates around 2,500 supermarkets under the Kroger, Ralphs, King Soopers, Fry's and Foods 4 Less banners across the US.
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