KROGER ANNOUNCES NEW $500 MILLION STOCK REPURCHASE PROGRAM

CINCINNATI, OH, September 16, 2004 -- The Kroger Co. (NYSE: KR) today announced that its Board of Directors has authorized the repurchase of $500 million of Kroger common stock.

The timing of the repurchases will vary according to market conditions. This repurchase program replaces the $500 million stock buyback announced in December 2002, which had approximately $15.9 million remaining at close of business Wednesday.

“The new share repurchase plan reflects our confidence in the Company’s strategic direction and our belief that Kroger shares represent an attractive investment opportunity,” said David B. Dillon, Kroger chairman and chief executive officer.

Headquartered in Cincinnati, Ohio, Kroger is one of the nation’s largest retail grocery chains. At the end of the first quarter of fiscal 2004, the Company operated (either directly or through its subsidiaries) 2,536 supermarkets and multi-department stores in 32 states under two dozen banners including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith’s, Fry’s, Fry’s Marketplace, Dillons, QFC and City Market. Kroger also operated (either directly or through subsidiaries, franchise agreements, or operating agreements) 794 convenience stores, 439 fine jewelry stores, and 42 food processing plants. For more information about Kroger, please visit our web site at www.kroger.com.

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