CINCINNATI — Kroger Co.’s board of directors on Thursday authorized a new $1 billion share repurchase program, replacing the current authorization, which had approximately $157 million remaining as of December 29.

“We are customer obsessed and focused on leading with fresh and accelerating with digital, which is building momentum in our business and will drive Kroger’s long-term success,” Kroger chairman and CEO Rodney McMullen said. “Kroger’s share repurchase authorization reflects our board of directors’ confidence in the strength of our free cash flow and our ability to deliver consistently strong and attractive total shareholder returns.”

Under the repurchase program, Kroger is authorized to repurchase its outstanding common shares from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to trading plans intended to comply with SEC Rule 10b5-1. The share repurchase program has no expiration date but may be suspended or terminated by Kroger’s board at any time.

Kroger said it continues to generate strong free cash flow and remains committed to investing in its business to drive long-term sustainable net earnings growth, maintaining its current investment grade debt rating, and returning excess free cash flow to shareholders via share repurchase and a growing dividend over time.