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Kroger Boosts Share Repurchase Program
The Kroger Co.’s board of directors has declared its quarterly dividend of 12¢ per share to be paid on December 1, 2016, to shareholders of record as of the close of business on November 15, 2016.
Kroger today also announced an incremental $500 million share repurchase program, supplementing the current authorization, which has $392 million remaining as of September 14, 2016.
“Kroger’s share repurchase authorization reflects our Board of Directors’ confidence in our Customer 1st Strategy and our ability to create value for shareholders,” said Rodney McMullen, Kroger’s Chairman and CEO. “We are committed to delivering long-term growth investors can count on.”
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In June, Kroger’s Board raised the quarterly dividend by 14 percent. Kroger has delivered double-digit compound growth in its dividend since it was reinstated in 2006. The company continues to expect an increasing dividend over time.
Over the last four quarters, the company has returned more than $1.5 billion to shareholders through share buybacks and dividends combined.
C.A. Fortune Expands Coverage to West Coast
C.A. Fortune has agreed to acquire CSW Food Brokerage, based in Livermore, California. C.A. Fortune is a natural, specialty and bakery/deli sales and marketing agency currently covering the eastern and central market areas. CSW is a regional Natural, Specialty and Bakery/Deli sales and marketing agency covering the northern California market, which also includes Nevada, Hawaii and parts of Oregon. The acquisition of CSW will mark the first step in the expansion of C.A. Fortune’s coverage to the western United States.
Bob and Christine Wingfield, longtime owners of CSW, will lead the northern California operations for C.A. Fortune. “We are genuinely excited and look forward to working with C.A. Fortune,” Bob Wingfield said. Throughout their years in the business, the Wingfields have excelled at attracting key people with deep industry knowledge to their team. This depth of talent will enable C.A. Fortune to hit the ground running.
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“When we launched our initial business plan in June 2013, the vision and goal was to build the premier, privately-held national sales and marketing agency focused on the Natural, Specialty and Bakery/Deli trade channels,” said Tyler Lowell, Managing Partner of C.A. Fortune. “With the addition of the CSW Brokerage business and the professional team that Bob and Christine have developed, we are proud to extend the C.A. Fortune brand into the western U.S.”
