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The Home Depot Reports Q2 Results
Aug 17, 2004
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Appliance retailer The Home Depot, reported record second-quarter net earnings of U.S. $1.5 billion, or $0.70 per diluted share, up 25 percent, for second quarter fiscal 2004, compared to $0.56 per diluted share for second quarter fiscal 2003. Excluding the impact of the adoption of EITF 02-16, diluted earnings per share would have been $0.71, or 27 percent higher than last year.

Sales for the period increased $2 billion, or 11 percent, to $20 billion. Comparable store sales rose 4.8 percent, with strength across all geographic regions. The company ended the quarter with $38.3 billion in total assets, including $3.7 billion in cash and stockholders' equity of $22.5 billion.

The company announced that it completed its $6 billion share repurchase program in the second quarter. Earlier this month, the company's board of directors authorized an additional $1 billion share repurchase program, bringing the total to $7 billion.

The company reiterated its fiscal 2004 sales growth guidance of 10 to 12 percent and increased its fiscal 2004 EPS growth guidance from 10 to 14 percent to 14 to 17 percent.

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