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CINCINNATI -- On the heels of posting a 25 percent net income decline to $142.4 million for the second quarter ended Aug. 14, the Kroger Co.'s board of directors has authorized the repurchase of $500 million of the retailer's common stock.
Kroger Co. is one of the nation's largest retailers, with 502 supermarket fuel centers and 799 convenience stores under names including Kwik Shops, Quick Stop and Loaf 'N' Jug.
The timing of the repurchases will vary according to market conditions, the company announced. The repurchase program replaces the $500 million stock buyback announced in December 2002, which had approximately $15.9 million remaining at the close of business Wednesday.
"The new share repurchase plan reflects our confidence in the company's strategic direction and our belief that Kroger shares represent an attractive investment opportunity," David B. Dillon, Kroger chairman and CEO, said in a statement.