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