Wal-Mart Stores to repurchase $15 billion shares

BENTONVILLE, Ark. — Wal-Mart Stores's board of directors hasapproved a new program authorizing the company to repurchase $15 billion of its shares, the company announcedat its 41st annual meeting of shareholders Friday. This program replaces the previous $15 billion program, announced on June 4, 2010, that had approximately $2 billion of remaining authorization. Under the program, repurchased shares are constructively retired and returned to unissued status.

“Our purchase of almost $13 billion of Walmart stock since last June is indicative of our strong free cash flow position,” said Charles Holley, Walmart EVP and CFO. “We are pleased to continue our share repurchase program with this new $15 billion authorization.”

Through June 2, under the 2010 authorization, the company had spent more than $12.9 billion to repurchase more than 244 million shares. In addition to share repurchase, the company continues to return value to shareholders through dividends. Walmart increased the current fiscal year dividend per share by approximately 21 percent to $1.46, from $1.21 in fiscal 2011. During the first quarter of this year, the company distributed $1.3 billion in dividends.