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.
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