Wal-Mart to buy back $15 B in Shares

Profit growth doubled last year, but comparable-store sales dropped.

Wal-Mart Stores Inc., the world’s largest retailer, said it will buy back $15 billion of its shares after the pace of profit growth doubled last year.

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

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