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Home Depot announces $15 billion buyback program

A construction worker buys lumber for home framing at the Home Depot store in Los Angeles, California.
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A construction worker buys lumber for home framing at the Home Depot store in Los Angeles, California.

Home Depot, the largest U.S. home improvement chain, on Wednesday announced a $15 billion share repurchase plan and set a target to grow annual sales to between $114.7 billion and $119.8 billion by the year ending January 2021.

The company said the new buyback program, for which it did not set a time period, would replace its previous authorization.

It announced a $15 billion share repurchase program in February.

Home Depot said it expected to buy back $8 billion of shares in 2017, ahead of its investor day event later on Wednesday.