NEW YORK: US retail behemoth Walmart Friday announced a $15 billion share repurchase program, citing the continued benefits of the company's strong cash flow.
Wal-Mart Stores said the new share repurchase plan replaces a previous $15 billion share repurchase plan announced in 2011.
Walmart said the 2011 share repurchase authorization has approximately $712 million remaining. A company news release did not say whether Walmart would complete 2011 program before moving to the new program.
"Our strong cash flow enabled the company to invest in growth and repurchase over $14 billion of our stock during the last two years," said Charles Holley, Walmart executive vice president and chief financial officer.
"We're pleased to continue our share repurchase program with this new $15 billion authorization."
The announcement comes on the heels of a disappointing quarterly earnings report in May. The company's US comparable store sales declined due to a delay in income tax refund checks, while international operations were strained by high expenses. (AFP)
