Home Depot Inc. (NYSE:HD) has launched a new US$15bn stock repurchase program and affirmed its 2017 profit and sales outlook as part of an update of the retailer’s strategic priorities.
In a statement to an investor and analyst conference, the home improvement retailer said the stock repurchase program, which replaces its previous authorization, includes an intention to buy an additional US$2.1bn worth of shares in the fourth quarter.
The company also said it still expects its 2017 earnings per share to increase by 14% to US$7.36, with revenue to increase by 6.3% and same-store sales to grow 6.5%, all broadly in line with consensus estimates.
Home Depot said it targets compounded annual sales growth of 4.5% to 6.0% from 2017 through to 2020 and operating margin from 14.4% to 15.0%.
In pre-market trading, Home Depot shares were 1% lower at US$181.00, having rallied nearly 17% higher in the past three months.