The nation's biggest home improvement retailer expects sales to rise approximately 2.3% to $67.72 billion for the current year, up from a previously projected 2.2% gain, and slightly better than analysts' estimates. The company also foresees earnings per share from continuing operations increasing by approximately 27% to $1.97 for the year, up from its earlier estimate of $1.94 a share, which is what analysts expect.
The company predicts earnings per share from continuing operations growth before share repurchases in the 7% to 9% range, and after share repurchases in the approximately 11% to 13% range, or between $2.19 and $2.23 a share. Home Depot is planning to use extra cash to make about $2.5 billion in share repurchases.
Home Depot's 2010 investor and analyst conference at began 9 a.m. Wednesday, and is viewable online.