Kroger Announces $5.0B Deals Accelerated share buyback program

CINCINNATI, Ohio, 19 December 2024 /PRNewswire/ — The Kroger Co . (SNEEZE: NOK) announced today that it has entered into Accelerated Share Repurchase (“ASR”) agreements with each of Wells Fargo Bank, National Association and Citibank, NA (the “Dealers”) to repurchase, collectively, 5.0 billion dollars in shares of Kroger common stock. The ASR agreements will be implemented according to Kroger’s recently announced 7.5 billion dollars authorization to buy back shares. Kroger finances the share buybacks under the ASR agreements with existing cash.

According to the ASR agreements, Kroger must pay 5.0 billion dollars to the dealers and expects to receive an initial delivery of approx. 65.6 million shares of Kroger stock per 20 December 2024representing approx. 80% of the total number of shares in Kroger common stock that could be purchased with 5.0 billion dollars for a course per share corresponding to the closing price for Kroger shares per 19 December 2024. The aggregate number of shares purchased by Kroger under the ASR Agreements will be based on the average of the volume-weighted average prices of Kroger shares on certain dates during the term of each ASR Agreement, less a discount and subject to adjustments pursuant to to the terms of the ASR agreements. Final settlement under the ASR agreements is expected to take place in the third fiscal quarter of Kroger’s Fiscal 2025 at the latest.

In addition to the ASR program, Kroger has 2.5 billion dollars of the remaining capacity under its share buyback authorization for incremental share buybacks over time.

About Kroger
At The Hooks co. (SNEEZE: NOK), we are dedicated to our purpose: Feeding the Human Spirit. Across our family of companies, we are nearly 420,000 employees who serve over 11 million customers daily through a seamless digital shopping experience and retail grocery stores under a variety of banner namesthat serves America through food inspiration and upliftment and creates #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations website.

This press release contains certain statements that constitute “forward-looking statements” about management’s plans, goals and expectations with respect to the accelerated share repurchase program, Kroger’s financial condition and the company’s future results. These statements are based on management’s assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as “expect”, “may”, “will” and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements, including statements about the amount, timing and delivery of shares of Kroger stock as currently planned, and other risks and uncertainties identified in “Risk”. Factors” in our Annual Report on Form 10-K for our last fiscal year and any subsequent filings.

Kroger undertakes no obligation to update the information contained herein unless required by applicable law. Please see Kroger’s reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.

SOURCE Kroger Co.