Home Depot to Launch $15 Billion Share Buyback Program

By Bowdeya Tweh and Allison Prang Features Dow Jones Newswires

Ahead of an analyst meeting Wednesday, Home Depot Inc. said it would launch a $15 billion share buyback program and pledged to accelerate investments in its business as the retail landscape continues to change.

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Home Depot, which confirmed its fiscal 2017 sales and earnings targets, said it plans to invest in its supply chain and delivery capabilities, employees, stores and customer experience.

"The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers," Chief Executive Craig Menear said in prepared remarks.

The home-improvement company also released financial targets for 2020 and said it expects total sales between $114.7 billion and $119.8 billion.

The conference call will be held at 9 a.m.

Shares were down 0.5% in premarket trading. Year to date, they are up 36%.

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Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com and Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

December 06, 2017 07:02 ET (12:02 GMT)