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Home Depot establishes a new purchase of $ 15 billion, long-term sales target

(Reuters) – Home Depot Inc. announced on Wednesday a new share buyback plan of $ 15 billion and set a target to increase annual sales to between $ 114.7 billion and $ 119.8 billion for the year ending January 2021.

FILE PHOTO: A Home Depot store is shown in the Little Havana neighborhood of Miami, Florida, on September 18, 2015. REUTERS / Joe Skipper / File Photo [19659003] Home Depot said it will accelerate investments in the next three years in stores, employees and deliveries, while increasing shareholder performance.

The retailer, which is expected to maintain its investor day later on Wednesday, is mounting a multi-year recovery in the US housing market and is also benefiting from the hurricanes that affected several US states. UU During the third quarter.

The company has forecast that sales for the year ending in January 2018 will increase 6.3 percent from last year, indicating sales of $ 100.6 billion.

The annual sales target for January 2021 implies a growth of 14 percent to 19.1 percent over a three-year period.

Home Depot said the new repurchase program, for which it did not establish a period of time, would replace its previous authorization of $ 15 billion established in February.

The company said it expected to buy back $ 8 billion of shares in its 2017 fiscal year.

Home Depot shares have risen about 36 percent this year.

Report of Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila

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