Home Depot sticks by outlook, buys back $15 billion in stock

(AP Photo/Steven Senne)

NEW YORK (AP) – Home Depot is sticking by its outlook for the year and will buy back $15 billion in company shares.

The Atlanta company is laying out its strategy to investors Wednesday, with CEO Craig Menear saying that the retail landscape is changing at an unprecedented pace.

Home Depot expects to post annual, per-share profits of $7.36, and comparable-store sales of 6.5 percent.

Sales in the most recent quarter surged, thanks in part to rebuilding efforts after a pair of devastating hurricanes hit Texas and Florida, and wildfires consumed entire neighborhoods in the West.

The Home Depot Inc. will detail plans on improving the experience of customers in stores and its delivery capabilities. Amazon.com has upended much of the retail sector with free delivery to customers who pay for Prime memberships.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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