Buyback for Home Depot

HOME Depot said yesterday it plans to buy back $17bn (£11.2bn) of its shares after the US retailer benefited from an uptick in the housing market and Hurricane Sandy repairs in its fourth quarter.

The world’s biggest home improvement chain posted a 32 per cent rise in quarterly net earnings to $1bn, due in part to a favourable adjustment from the closure of a store in China.

Revenues rose 14 per cent to $18bn, beating Wall Street’s forecasts.