Home Depot is buying back $15 billion of stock
Jose Ulloa Jr. works in a Home Depot store on May 17, 2016 in Miami, FloridaJoe Raedle/Getty
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- Home Depot announced a $15 billion share repurchase program.
- The home-improvement retailer also said it plans to target annual sales of between $114.7 billion and $119.8 billion by the year ending January 2021.
(Reuters) - Home Depot Inc, the largest U.S. home improvement chain, on Wednesday announced a $15 billion share repurchase plan and set a target to grow annual sales to between $114.7 billion and $119.8 billion by the year ending January 2021.
The company said the new buyback program, for which it did not set a time period, would replace its previous authorization.
It announced a $15 billion share repurchase program in February.
Home Depot said it expected to buy back $8 billion of shares in 2017, ahead of its investor day event later on Wednesday.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)
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