Home Depot Adds to Buyback

The company expands its buyback by $1 billion.
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Home Depot (HD) - Get Report added $1 billion to its share buyback plan.

The Atlanta-based home retailer said it has bought back $9.7 billion in stock since it started the repurchases in 2002. The new move gives it $12 billion in total buyback authority.

"As a result of the hard work and dedication of our 345,000 associates, we achieved record financial results in 2005, including record sales, average ticket, gross margin, operating margin and net income," said CEO Bob Nardelli. "The company's relentless focus on our strategy has enabled us to deliver earnings per share growth in excess of 20% in each of the last four years. The board's decision today supports our commitment of reinvesting in the business for growth and returning cash to our shareholders."