Home Depot Inc (HD.N) announced a US$15 billion share buyback on Wednesday and targeted annual sales of up to US$120 billion over the course of the next three years as it accelerates investment in stores, employees and deliveries.

The United States' largest home improvement store chain said it would complete buybacks this year worth US$8 billion by the end of its fiscal fourth quarter ending in January 2018.

Home Depot is riding a multi-year recovery in the U.S. housing market and has also benefited from reconstruction and repair work related to Hurricanes Irma and Harvey that struck the United States in August and September.

On its investor day webcast, the Atlanta-based company said it would invest in making check-out faster for customers as well as wages and scheduling for employees.

"The retail landscape is changing at unprecedented rates and we plan to invest for the future to address the evolving needs of our customers," Chief Executive Officer Craig Menear said in a statement.

Its target range for sales for the year ending January 2021 were for between US$114.7 billion and US$119.8 billion, implying a 14-19 per cent rise from this year's goal of US$100.6 billion.

Home Depot said the new buyback program, for which it did not provide a time frame, would replace its previous authorization of $15 billion set in February.

Home Depot's shares have climbed about 36 per cent this year. The stock fell 1 per cent to US$181.60 in early New York Stock Exchange trading.