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Home Depot, the world's No.1 home improvement chain, reported a 36 percent rise in fourth-quarter profit on Tuesday and said it would buy back $18 billion of shares.
The company warned, however, that it expects currency headwinds will impact 2015 earnings by about 6 cents per share.
Shares of Home Depot rose more than 3 percent in premarket trading following the announcement. (Click here for the latest price.)
Home Depot's fourth-quarter net income rose to $1.38 billion, or $1.05 per share, from $1.01 billion, or 73 cents per share, a year earlier as an improving job market encouraged Americans to spend more on renovations. Excluding items, the company posted earnings of $1 per share.
Net sales rose 8.3 percent to $19.16 billion in the quarter ended Feb. 1. Same-store sales rose 7.9 percent.
Analysts had expected the company to report earnings excluding items of 89 cents a share on $18.7 billion in revenue, according to a consensus estimate from Thomson Reuters.
The same-store sales growth were above most estimates, Oppenheimer & Co. Managing Director Brian Nagel told CNBC's "Squawk Box".
He said it was "another very good report from Home Depot," illustrating the company's strength from an operational standpoint and signaling that the home improvement market is solid.
Home Depot also increased its dividend to 59 cents per share from 47 cents. The dividend announcement is consistent with Home Depot's capital allocation plan, said Nagel, noting that the company has been aggressively returning excess capital to shareholders through buybacks and dividends.
The retailer said it expects full-year earnings per share of $5.11 to $5.17, on sales growth of 3.5 percent to 4.7 percent.
Earlier this month, the world's largest home improvement retailer detailed plans to hire more than 80,000 positions ahead of spring, its busiest season. This was comparable with last year's plans.
During the past year, Home Depot stock has soared 44 percent, but has risen less than rival Lowe's 56 percent surge.
—CNBC's Terri Cullen and Reuters contributed to this report.