Home Depot Inc. (NYSE: HD) announced its strategic focus, along with its fiscal year guidance and a $15 billion share repurchase authorization. Home Depot shares fell 1.5 percent Wednesday after open.
In the statement, Home Depot said that it’ll update five strategic priorities it established in 2015. The company also wants to accelerate its business by enhancing customer experience, readjusting itself for the future, and returning more back to shareholders.
"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, CEO and president of Home Depot.
Home Depot updated its fiscal year 2017 guidance. The company expect sales to increase 6.3 percent for the year, with comparable store sales increase by 6.5 percent. The company expects a diluted EPS to grow 14 percent to $7.36.
The EPS includes the intent to repurchase up to $2.1 billion shares in the fourth quarter, totaling $8 billion share repurchases for the year.
As for the company’s long term outlook for the target year of 2020, Home Depot expects sales ranging from $114.7 billion to $119.8 billion, while growing at annual sales growth rate of 4.5 percent to 6 percent.
The board also approved of a $15 billion share repurchase program, but the company did not provide a date to when the repurchases will begin. Home Depot has returned approximately $73 billion to shareholder since 2003.