WAL-MART WILL DOUBLE BUYBACK OF ITS STOCK TO $400 MILLION
BENTONVILLE, Ark. — Wal-Mart Stores Inc. plans to double the size of its stock-buyback program to $400 million from $200 million.
The discounter has repurchased $181 million worth of its stock since the inception of the program in January 1995.
“We believe our stock is an excellent investment, and our strong cash flow generated so far this year allows us to increase the size of our buyback program,” said David Glass, president and chief executive officer, in a statement.
The shares repurchased so far represent less than 1 percent of Wal-Mart’s 2.3 billion shares outstanding.
Wal-Mart stock closed at 24 1/2, unchanged, in trading on the New York Stock Exchange Friday.