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Home Depot
Home Depot Reports Record 3rd Qtr Results - Raises Full Year Earnings Guidance

11/18/2003 Today Home Depot reported record third quarter results. We recommended this company in May of this year and the stock has increased 22% in value (an annualized rate of 44%). Meanwhile, the S&P 500 is only up 12.%. The company's press release follows:

ATLANTA, Nov 18, 2003 /PRNewswire-FirstCall via Comtex/ -- The Home Depot(R), the world's largest home improvement retailer, today reported record third quarter net earnings of $1.15 billion ($0.50 per diluted share) for fiscal 2003, compared with net earnings of $940 million ($0.40 per diluted share) in the third quarter of fiscal 2002. Sales for the quarter increased 14.7 percent to $16.6 billion compared with the third quarter of fiscal 2002. Comparable store sales increased 7.8 percent, the company's best quarterly comp performance since the fourth quarter of 1999.

The Home Depot reiterated its annual sales growth guidance of 9-12 percent and raised its full year earnings per share growth guidance to 15-17 percent for the 2003 fiscal year.

"Home Depot grew its share of the home improvement industry this quarter, as our sales increased by $2.1 billion, more than any other home improvement retailer," said Bob Nardelli, chairman, president and CEO of The Home Depot. "Our customers are experiencing a better shopping environment as a result of the significant progress we are making in every area of our business. Our continued focus on sales, service and execution is resulting in innovative and distinctive product selection, compelling values, and knowledgeable store associates. Customers know that The Home Depot continues to be the leader in home improvement and our financial results are proof positive that our strategy is working."

"We saw strength across the country and across the majority of our selling departments. In some of our most competitive markets we posted double-digit comps driven by growth in the number of customer transactions and the amount of the average ticket," added Nardelli.

Customer transactions grew to 313 million for the quarter, up 9.4 percent from the third quarter last year. The company continues to place a high priority on improving customer service through advances in technology. At the end of the quarter, 760 stores had self-checkout stations, with more than 40 million transactions completed during the quarter.

"Customer transactions through self-checkout are expected to top 100 million during the first week in December demonstrating strong customer acceptance. This technology allows us to redeploy associates to assist customers throughout the store," said Nardelli.

The average ticket grew 4.9 percent to $52.10 from one year ago, the highest average ticket in the company's history. Average ticket increased across the store in categories including lumber, appliances, outdoor power equipment and building materials. According to The Stevenson Company, The Home Depot sequentially increased its core appliance share more than any other top competitor in the quarter.

The full press release can be found at HomeDepot.com.

Source: Home Depot

 




 

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