(Reuters) – Home Depot Inc ( HD.N ), the largest home improvement chain in the US On Wednesday, it announced a new stock repurchase plan of $ 15 billion and set a target to increase annual sales to between $ 114.7 billion and $ 119.8 billion for the year ended January 2021.
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.
(This story adds the missing word "a" in the first paragraph to show 2021 the goal is the value of total sales and not the growth in sales)
Information from Sruthi Ramakrishnan in Bangalore; Edition of Sriraj Kalluvila