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Home Depot launches new, US$15bn stock repurchase program, affirms 2017 profit, sales outlook

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
Home Depot store
Home Depot also said it still expects its 2017 earnings per share to increase by 14% to US$7.36, with revenue to rise by 6.3%

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.

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Newswire
November 15 2016

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