Atlanta, GA, May 18, 2006--Home Depot Inc. said on Wednesday its board approved the immediate repurchase of $2 billion in stock, as well as the expansion of its existing share-buyback program by an additional $2 billion.
The company said it has entered into an agreement with Lehman Brothers to immediately buy about 53 million shares, bringing its total number purchased to more than 344 million.
The expansion of the existing buyback brings the total share repurchase authorization to $14 billion from $12 billion, Home Depot said.
Shares of Home Depot, which is accelerating its push into markets that cater to contractors, are down 6 percent so far this year, compared to an 8 percent drop for rival Lowe's Cos.
