Kroger approves 2-for-1 stock split

Kroger Co. said Thursday it is raising its quarterly dividend, launching a 2-for-1 stock split and initiating a $500 million stock-buyback program as the grocery chain has reported stronger results in recent quarters.

The split, Kroger's fifth in its public history, would increase its shares to 962 million from 481 million, Shareholders of record as of July 6 will receive an additional common share for each share they hold, according to Dow Jones Newswires.

Kroger CEO Rodney McMullen said the stock split would make the company's shares more accessible to its employees.

Kroger's KR stock closed at $72.96 yesterday, compared to a 52-week range of $48.58 to $77.74.

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