Wal-Mart Stores Inc., the world's largest retailer, said it willbuy back $15 billion of its shares after the pace of profit growthdoubled last year.

The buyback replaces a previous $15 billion program, which wasannounced June 4, 2010 and had about $2 billion remaining, theBentonville, Arkansas-based company said today in a statement.Wal-Mart is holding its 41st annual shareholder meeting today inFayetteville, Arkansas, which is being attended by about 14,000people.

“Our purchase of almost $13 billion of Walmart stock since lastJune is indicative of our strong free cash flow position,” ChiefFinancial Officer Charles Holley said in the statement.

While profit growth has accelerated, Wal-Mart's U.S.comparable-store sales have fallen for eight straight quarters asshoppers grapple with rising grocery and gasoline prices andpersistent unemployment. To stem the declines, Chief ExecutiveOfficer Mike Duke has added thousands of products back to theshelves, announced plans to open smaller outlets and pledged tomatch local rivals' prices in a national ad campaign.

Wal-Mart fell 5 cents to $53.50 at 10:16 a.m. in New York StockExchange composite trading. The shares have dropped less than 1percent this year before today.

The economy created 54,000 jobs in June, and the jobless rateunexpectedly climbed to 9.1 percent, to the highest level thisyear, from 9 percent a month earlier, the Labor Department saidearlier today.

Confidence among U.S. consumers unexpectedly declined in May toa six-month low as Americans' outlook for income growth andbusiness hiring worsened, the Conference Board said May 31. Slowerthan expected job and wage growth means consumer spending, whichaccounts for about 70 percent of the economy, may remain incheck.

Bloomberg News