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The Home Depot Announces Q2 2006 Results
Aug 15, 2006
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The Home Depot(R), the world's largest home improvement retailer, today reported second quarter net earnings of U.S. $1.86 billion, or $0.90 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.

During the quarter, the company opened 30 new stores, including two relocations, with two new stores in Canada and one new store in Mexico, bringing the total store count to 2,079. As of the end of the quarter, approximately 10 percent of the company's store base was in Canada and Mexico, as compared to nine percent for the same period last year. As in the U.S., the company continues to be the market leader in Canada and Mexico. The company's retail services business grew by 9.7 percent to $1.03 billion in the second quarter of fiscal 2006.

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