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SECURITY: HD (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
The Home Depot is the
world's largest home improvement retailer and second largest retailer in
the United States.The Home Depot was founded in 1978 in Atlanta, Georgia
and has since become the world's largest home improvement retailer, operating
more than 1,500 stores (Home Depot, EXPO, and other subsidiary companies)
across North America.
http://www.homedepot.com
The
Home Depot Announces First Quarter Results
ATLANTA,
May 20, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- The Home
Depot(R), the world's largest home improvement retailer, today reported
fiscal 2008 first quarter consolidated net earnings of $356 million, or
$0.21 per diluted share, compared with $1.0 billion, or $0.53 per diluted
share, in the same period in fiscal 2007. These results reflect a nonrecurring
charge of $543 million due to the recently announced closing of 15 stores
and removal of 50 stores from the future growth pipeline. Excluding this
nonrecurring charge, the Company reported consolidated net earnings of
$697 million, or $0.41 per diluted share.
Sales
for the first quarter totaled $17.9 billion, a 3.4 percent decrease from
the first quarter of fiscal 2007, reflecting negative comparable store
sales of 6.5 percent, offset in part by sales from new stores. Due to the
14th week in the fourth quarter of 2007, first quarter benefited from a
seasonal timing change that added approximately $536 million to sales.
"The
housing and home improvement markets remained difficult in the first quarter;
in fact, conditions worsened in many areas of the country," said Frank
Blake, chairman & CEO. "I want to thank our associates for their hard
work in a tough environment. We will continue to invest wisely in our core
retail business to earn our customers' confidence and ensure the long-term
health of our business."
"In
addition, our decision to close stores and remove planned stores from our
pipeline demonstrates our commitment to disciplined capital allocation.
This discipline and reinvestment in our existing stores will benefit our
shareholders, associates and customers," said Blake.
On
June 5th at 8 a.m. ET, the Company will hold its Investor and Analyst Conference
to update the investment community on key areas of the business. All presentations
will be webcast live at homedepot.com in the Investor Relations section.
The
Home Depot will conduct a conference call today at 9 a.m. ET to discuss
information included in this news release and related matters. The conference
call will be available in its entirety through a webcast and replay at
homedepot.com in the Investor Relations section.
At
the end of the first quarter, the Company operated a total of 2,258 retail
stores, which included 1,970 The Home Depot stores in the United States
(including the Commonwealth of Puerto Rico, the territory of the U.S. Virgin
Islands and the territory of Guam), 166 stores in Canada, 69 stores in
Mexico, 12 stores in China, as well as 2 THD Design Centers, 5 Yardbirds
stores and 34 EXPO Design Center locations. The Company employs more than
300,000 associates. The Home Depot's stock is traded on the New York Stock
Exchange (NYSE: HD) and is included in the Dow Jones industrial average
and Standard & Poor's 500 index. HDE
The
Home Depot Announces Second Quarter 2006 Results
Sales
of $26.0 billion Net Earnings of $1.86 billion Earnings per share of $0.90;
$0.93 excluding one-time tax charge
ATLANTA,
Aug 15, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Home
Depot(R), the world's largest home improvement retailer, today reported
second quarter net earnings of $1.86 billion, or 90 cents per diluted share,
up 9.8 percent compared to the same period in fiscal 2005.
During
the second quarter, the Quebec National Assembly passed legislation that
retroactively changed certain tax laws that subject the Company to additional
tax and interest. As a result, the Company received an assessment from
Quebec for $69 million in retroactive tax and related interest for the
2002 through 2005 taxable years. Excluding this $0.03 per share one-time
charge, the Company reported, on an adjusted basis, 93 cents per diluted
share, up 13.4 percent, compared to 82 cents per diluted share for the
same period in fiscal 2005.
Sales
for the second quarter of fiscal 2006 totaled $26.0 billion, a 16.7 percent
increase from the second quarter of fiscal 2005.
Total
sales in the Retail segment grew 5.1 percent to $22.6 billion, reflecting
new stores and comparable store sales of -0.2 percent. Total sales in the
Supply segment grew by 325 percent to $3.5 billion, driven by recent acquisitions,
including Hughes Supply, as well as double-digit organic growth.
The
Home Depot Announces First Quarter 2006 Results
*
Record EPS of 70 cents, up 22.8 percent * Record Sales of $21.5 Billion,
up 13.1 percent * Record Gross Margin of 33.7 percent * Record Operating
Margin of 11.3 percent
ATLANTA,
May 16, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Home
Depot(R), the world's largest home improvement retailer, today reported
first quarter net earnings of $1.5 billion, or 70 cents per diluted share,
compared to 57 cents per diluted share and net earnings of $1.2 billion
reported for the same period in fiscal 2005. This resulted in a 22.8 percent
increase in earnings per diluted share over the first quarter of fiscal
2005.
Sales
for the first quarter of fiscal 2006 totaled $21.5 billion, a 13.1 percent
increase from the first quarter of fiscal 2005.
"This
quarter marked a milestone for The Home Depot with the acquisition of Hughes
Supply. We are pleased to welcome the Hughes associates to our team," said
Bob Nardelli, chairman, president & CEO of The Home Depot.
During
the first quarter, the Company acquired Hughes Supply. The transaction
more than doubled the size of Home Depot Supply, which now has more than
20,000 associates operating in more than 900 locations nationwide and in
Canada with projected fiscal 2006 sales approaching $12 billion. The results
of Hughes Supply are included in the Company's consolidated results beginning
March 30, 2006, the date of acquisition.
The
Company now operates and provides financial information for two business
segments: HD Retail and HD Supply.
$
Millions
First Quarter
Sales
2006 2005
% Increase
HD Retail $19,376
$18,329 5.7 %
HD Supply $2,132
$657 224.5 %
Operating profit
HD Retail $2,278
$1,976 15.3 %
HD Supply
$149 $28
432.1 %
"The
Home Depot has a disciplined approach to capital allocation and growth.
At the end of the quarter, we reached a return on invested capital of 24.2
percent, up 220 basis points from the first quarter of fiscal 2005," said
Carol Tome, executive vice president and CFO.
In
the first quarter, the board of directors authorized an additional $1 billion
in share repurchases, bringing the total share repurchase authorization
to $12 billion. During the first quarter, the Company repurchased $565
million or 14 million shares. Since its share repurchase program began
in 2002, the Company has repurchased 291 million, or approximately 13 percent
of its outstanding shares and spent $10.3 billion under its $12 billion
authorization. In January 2006, the company increased its quarterly dividend
by 50 percent. Over the past five years, the company's dividend has increased
by 275 percent.
At
the end of the first quarter, the Company reported total assets of $52.7
billion, up 18 percent from the end of fiscal 2005 reflecting the impact
of the Hughes acquisition and total stockholders' equity of $27.8 billion.
Enhancing
the Core
The
Company saw average ticket growth across all merchandise categories. In
the first quarter of fiscal 2006, The Home Depot increased its average
ticket by 4.3 percent to a record $60.75.
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