Home improvement retailer The Home Depot announced it has completed its U.S. $1 billion share repurchase program announced earlier this year. The company also announced that its Board has approved an additional $1 billion stock buyback. The latest buyback brings the company's repurchases to $4 billion.
"At the end of the third quarter, we had U.S. $5 billion of cash. Our strong financial condition and great liquidity provide us the opportunity to return capital to our shareholders," said Bob Nardelli, Home Depot chairman, president, and CEO. "In the past two years, we have repurchased $3 billion of our outstanding shares, and this new authorization brings the total capital committed for share repurchases to $4 billion. Further, our record third-quarter financial performance is validation that we are on track with our strategy and transformation of the company."
The Home Depot's fiscal 2002 sales were $58.2 billion.
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