Wal-Mart Stores Inc. has announced that following its 40th annual meeting of shareholders, its board of directors has approved a new programme authorising the company to repurchase US$15bn of its shares.
According to the global retailer, the move replaces the previous US$15bn programme which was originally announced in June last year, and had around US$4.7bn of remaining authorisation, with repurchased shares constructively retired and returned to 'unissued' status.
'Share repurchases and dividends represent great ways to return values to our shareholders,' said Wal-Mart's executive vice-president and chief financial officer Tom Schoewe. 'During the past three years, our commitment to share repurchase was reflected in the company buying US$18.5bn of shares.
'In addition to share repurchase, Walmart will pay shareholders more than US$4.5bn in dividends during fiscal year 2011,' Mr Schoewe added.
Walmart has increased its dividend every year since March 1974, when it began paying a dividend of US$0.05 per share, and is this year increasing its annual dividend by 11 per cent to US$1.21 per share.
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