Kroger CEO: We have advantages over Amazon
McMullen says Kroger has the ability to adapt in a highly competitive field, just as it adapted (successfully) when Walmart started selling groceries.
"We are confident in our ability to evolve today. ... We will continue to grow because we know how to connect with our customers better than anyone," McMullen said at the company's annual shareholders meeting in Ohio. "I often say that in the future, our customers will determine whether or not to shop with us based on how well we take care of our people, our communities and the planet. Across the country and every day in our stores, offices and facilities, we make the world a better place one associate, one customer and one community at a time. This is Kroger's purpose: To Feed the Human Spirit."
The "Feed the Human Spirit" mantra could be seen on fliers, signs and in a promotional video shown at the meeting.
Kroger announced it would boost its quarterly dividend by 4.2 percent from 12 cents to 12.5 cents per share to be paid starting Sept. 1 for shareholders of record as of Aug. 15.
The company also announced a new $1 billion stock repurchase that replaces a previous authorization that has been used up.
Read more about Kroger's plans by clicking here.