(Adds missing word "to" in first paragraph to show 2021 target is the value of overall sales and not growth in sales)
Dec 6 (Reuters) - Home Depot Inc, the largest U.S. home improvement chain, on Wednesday announced a new $15 billion share buyback plan and set a target to grow annual sales to between $114.7 billion and $119.8 billion for the year ending January 2021.
Home Depot said it will accelerate investments over the next three years in stores, employees and delivery, while increasing shareholders returns.
The retailer, which is set to hold its investor day later on Wednesday, is riding a multi-year recovery in the U.S. housing market, and is also benefiting from the hurricanes that struck several U.S. states during the third quarter.
The company has forecast sales for year ending January 2018 to increase 6.3 percent from last year, which indicates sales of $100.6 billion.
The annual sales target for January 2021 implies growth of 14 percent to 19.1 percent over a three-year period.
Home Depot said the new buyback program, for which it did not set a time period, would replace its previous authorization of $15 billion set in February.
The company said it expected to buy back $8 billion of shares in its fiscal 2017.
Home Depot's shares have climbed about 36 percent this year. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)