Wal-Mart

(WMT) - Get Report

said Friday it will increase its annual dividend payment by 17% to 28 cents a share, up from 24 cents.

The dividend pays quarterly at 7 cents a share to shareholders of record on March 23. The first payable date is April 9.

On Thursday, Wal-Mart reported a

same-store sales increase of 4.3% from the year-ago period in its Wal-Mart discount department stores and Sam's Clubs warehouse membership stores.

Shares of Wal-Mart, which is based in Bentonville, Ark., fell 89 cents, or 1.7% to $50.76 in recent

New York Stock Exchange

trading.