This excerpt taken from the HD 8-K filed Nov 18, 2008.
ATLANTA, November 18, 2008 The Home Depot®, the world's largest home improvement retailer, today reported fiscal 2008 third quarter consolidated net earnings of $756 million, or $0.45 per diluted share, compared with $1.1 billion, or $0.60 per diluted share, in the same period in fiscal 2007. Earnings per diluted share from continuing operations in the third quarter of fiscal 2008 were $0.45, compared to $0.59 per diluted share in the third quarter of fiscal 2007.
Sales for the third quarter totaled $17.8 billion, a 6.2 percent decrease from the third quarter of fiscal 2007, reflecting negative comparable store sales of 8.3 percent, offset in part by sales from new stores.
The Company had 53 weeks in fiscal 2007, which shifted the 2008 fiscal calendar. Because of this shift and given the seasonal nature of its business, third quarter sales, on a like for like calendar basis, were negatively impacted by approximately $225 million. Excluding the calendar shift, the Companys like for like comp for the quarter was negative 7.1 percent.
The housing and home improvement markets remain challenging. Across our entire business, we are making the adjustments necessary to respond to a tough market environment, said Frank Blake, chairman & CEO.
We are focused on the things we can control with a commitment to provide value and service to our customers, said Blake. I am proud of what our associates have accomplished in a very difficult sales environment.
This excerpt taken from the HD 8-K filed Aug 19, 2008.
ATLANTA, August 19, 2008 The Home Depot®, the worlds largest home improvement retailer, today reported fiscal 2008 second quarter consolidated net earnings of $1.2 billion, or $0.71 per diluted share, compared with $1.6 billion, or $0.81 per diluted share, in the same period in fiscal 2007. Earnings per diluted share from continuing operations in the second quarter of fiscal 2008 were $0.71, compared to $0.77 per diluted share in the second quarter of fiscal 2007, a decrease of 7.8 percent.
Sales for the second quarter totaled $21.0 billion, a 5.4 percent decrease from the second quarter of fiscal 2007, reflecting negative comparable store sales of 7.9 percent, offset in part by sales from new stores.
The Companys fiscal 2007 contained 53 weeks of operations. This shifted the Companys 2008 fiscal calendar. Because of this shift, and given the seasonal nature of its business, second quarter sales, on a like for like calendar basis, were negatively impacted by approximately $160 million. Excluding the calendar shift, on a like for like basis, comparable store sales for the quarter were negative 7.2 percent.
We continue to see pressure on our market and the consumer, generally, said Frank Blake, chairman & CEO. Despite the macroeconomic conditions, we saw improved execution in our merchandising and operations initiatives during the past quarter. I am very proud of what our associates have accomplished in a difficult environment, said Blake.
This excerpt taken from the HD 8-K filed May 20, 2008.
ATLANTA, May 20, 2008 The Home Depot®, the worlds 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 Depots stock is traded on
the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poors 500 index.
To provide clarity about the Companys operating performance for the recently completed fiscal quarter, the Company has supplemented its reporting with non-GAAP measurements to reflect the store rationalization charge. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measurements. The Company believes that such non-GAAP measures provide management and investors with meaningful information to understand and analyze the Companys performance.
Certain statements contained herein, including any statements related to the state of the home improvement market, the state of the construction and housing markets, and our reinvestment plans, constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. While these statements are based on currently available information and current expectations and projections about future events, such forward-looking statements may prove to be incorrect. Risks and uncertainties include but are not limited to: economic conditions in North America; changes in our cost structure; our ability to attract, train and retain highly qualified associates; conditions affecting customer transactions and average ticket, including, but not limited to, weather conditions, improving and streamlining operations, and customers in-store experience. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date hereof, and we undertake no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law. Additional information regarding these and other risks and uncertainties is contained in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 3, 2008.
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This excerpt taken from the HD 8-K filed Mar 3, 2008.
ATLANTA, February 28, 2008 The Home Depot®, the worlds largest home improvement retailer, today announced that its board of directors declared a fourth quarter cash dividend of 22.5 cents per share. The dividend is payable on March 27 to shareholders of record on the close of business on March 13. This is the 84th consecutive quarter the Company has paid a cash dividend.
This excerpt taken from the HD 8-K filed Jan 18, 2008.
ATLANTA, January 18, 2008 The Home Depot®, the worlds largest home improvement retailer, today announced the appointment of Brian C. Cornell, 48, to its board of directors. Mr. Cornell is the chief executive officer of Michaels Stores, Inc., North Americas largest specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator.
Mr. Cornell has more than 25 years of experience in consumer products marketing and general management. Prior to joining Michaels in June 2007, he served as the executive vice president and chief marketing officer of Safeway, Inc. where he was responsible for the companys marketing, merchandising, manufacturing and distribution operations as well as the on-line home delivery business. In 2005, Mr. Cornell was recognized by Supermarket News as the Marketer of the Year, and Safeway was named Retailer of the Year in 2006 by Grocery Headquarters magazine.
Before his time at Safeway, Mr. Cornell served as president of Pepsi-Cola North Americas Food Services Division, regional president of PepsiCos European/African beverage business and president of Tropicana Products International. He also currently serves on the Board of Directors of OfficeMax.
We are extremely pleased to have a business leader like Brian join our board, said Frank Blake, chairman & CEO. He brings tremendous experience and insight to our board and to our business.
With todays announcement, The Home Depots board currently consists of 14 members, with 13 of them being outside directors.
The Home Depot® is the worlds largest home improvement specialty retailer, with 2,234 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, 10 Canadian provinces, Mexico and China. In fiscal 2006, The Home Depot had sales from continuing operations of $79.0 billion and earnings from continuing operations of $5.3 billion. The Company employs approximately 350,000 associates. The Home Depots stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poors 500 index. HDE