On Friday, Tom Schoewe, the Chief Financial Officer of Wal-Mart said that the board of directors of the biggest retailer in the world, have approved their share repurchase plan.

This is a new program and would be replacing the previous one where shares worth $15 billion were to be taken back. This was announced during the annual shareholders meeting that took place in 2009.

As per the latest available data, the old program had $4.7 billion of authorization still remaining with it. Wal-Mart also says that the shareholders of the company have $4.5 billion dividends with them for the current fiscal year. No other details were revealed by Wal-Mart.

Meanwhile, in another news, the executives of the retailer pledged that they will keep changing the product mix and rebuild sales.

Wal-Mart has touched $100 billion sales mark in its international divisions.

Talking about this, Vice Chairman of Wal-Mart Eduardo Castro-Wright that the rising fuel prices along with competition it has played spoilt sport and have affected the sales of the company.

It is at present trying to de-clutter its shelves.