CINCINNATI – The Kroger Company’s Board of Directors Thursday approved a $1 billion share repurchase program, replacing the existing authorization that has approximately $213 million remaining. The timing of the repurchases will vary according to market conditions. The authorization is expected to be used over the next 12 months.

Also, Kroger’s Board of Directors raised the quarterly dividend by 9.5 percent, to 11.5 cents per share, payable on December 1, 2011 to shareholders of record as of the close of business on November 15, 2011. This equates to 46 cents per share on an annual basis.

“Kroger remains committed to using our substantial free cash flow to reinvest in our business through our Customer 1st strategy and capital expenditures, and returning cash to shareholders through solid earnings per share growth, dividends and share repurchases,” said David B. Dillon, Kroger’s chairman and chief executive officer. “Since Kroger reinstated dividends in 2006, we have returned more than $4.6 billion back to shareholders through dividends and share repurchases.”

Kroger is the parent company of Dillon’s Stores in Kansas.