US-based home improvement retailer The Home Depot is planning to accelerate business investment over the next three years in an effort to achieve a total sales target between $114.7bn and $119.8bn.
Through the investment programme, the retailer intends to enhance the customer experience and position itself for the future.
The programme will focus on areas such as stores, associates, customer experience, and the company’s supply chain and delivery capabilities.
The Home Depot chairman, CEO and president Craig Menear said: “The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers.
“We will accelerate our investments while continuing to focus on delivering the value our shareholders expect from The Home Depot.”
The company expects a 6.3% increase in sales for the year, with comparable store sales of approximately 6.5%.
Meanwhile, the company also expects diluted earnings a share for fiscal 2017 to rise around 14% to $7.36, based on its intention to repurchase an additional $2.1bn of shares in the fourth quarter.
The Home Depot revealed that its board of directors approved a $15bn share repurchase programme.
For the third quarter of this year, the retailer registered sales of $25bn.
The company operates through a network of 2,283 retail stores in all 50 states in the US, in addition to the District of Columbia, Puerto Rico, US Virgin Islands, Guam, ten Canadian provinces and Mexico.