Wal-Mart Stores, Inc., the World’s #1 retailer, authorized a US$15B share repurchase program as its stock performance trails other chains. The buyback replaces another US$15B program that had about US$3.4B of remaining authorization, the Bentonville, Arkansas-based company said last Thursday in a statement. Wal-Mart’s board didn’t put an end date on the latest repurchase, a spokesman, said today in an interview. Wal-Mart climbed 32 cents to US$51.19/shr at 11:36 a.m. in New York Stock Exchange composite trading. Shares of the company have trailed those of retailers that sell more discretionary items. Target Corp., the 2nd largest US discount retailer, gained 19% this year through last Wednesday, and Kohl’s Corp. climbed 27%. Wal-Mart reported last month that Q-1 Y 2009 net income and sales were little changed from a year earlier. Minneapolis based Target and Kohl’s, based in Menomonee Falls, Wisconsin, reported profit declines of 13% and 10%, respectively. Wal-Mart will retain customers it gained during the recession once the economy recovers, Chief Executive Officer Mike Duke, 59, said today at the annual shareholders meeting in Fayetteville, Arkansas. “When they have more discretionary spending, they’ll stay with Wal-Mart,” Duke said. “We are building long-term loyalty.”
Popularity: 5% [?]
