Home Depot to pursue $15bn share repurchase
The world’s largest home improvement retailer Home Depot has outlined its plans to execute a $15bn share buyback program at its 2017 investor conference that outlined the company’s key strategic priorities and financial targets.
The repurchase program was announced by the company’s Board of Directors, replacing its previous authorisation. The firm also revealed that since 2002 it has returned approximately $73bn to shareholders through repurchases, with approximately 1.3mn shares having been returned.
The company also unveiled its 2020 financial fiscal targets, with its key aim being to raise sales from $114.7bn to $119.8bn.
“The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers,” said Craig Menear, Chairman, CEO and President of Home Depot. “We will accelerate our investments, while continuing to focus on delivering the value our shareholders expect from The Home Depot.”
The company currently operates 2,283 retail stores across the US, Columbia, Puerto Rico, the Virgin Islands, Guam, Canada and Mexico.