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Home Depot said it will accelerate investments over the next
three years in stores, employees and delivery, while increasing
shareholders returns.
The retailer, which is set to hold its investor day later on
Wednesday, is riding a multi-year recovery in the U.S. housing
market, and is also benefiting from the hurricanes that struck
several U.S. states during the third quarter.
The company has forecast sales for year ending January 2018 to
increase 6.3 percent from last year, which indicates sales of
$100.6 billion.
The annual sales target for January 2021 implies growth of 14
percent to 19.1 percent over a three-year period.
Home Depot said the new buyback program, for which it did not
set a time period, would replace its previous authorization of
$15 billion set in February.
The company said it expected to buy back $8 billion of shares in
its fiscal 2017.
Home Depot's shares have climbed about 36 percent this year.
(This story adds missing word "to" in first paragraph to show
2021 target is the value of overall sales and not growth in
sales)
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila)
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