Appliance retailer The Home Depot(R) announced that it expects its fiscal year 2005 sales will grow between 9 to 12 percent and that earnings per share will grow between 10 to 14 percent.
The company said it plans to add 175 new stores and continue its investment in store modernization and technology through a capital spending plan of U.S. $3.7 billion. Comparable store sales for fiscal 2005 are expected to increase 4 to 7 percent.
"We are clearly on track with the transformation of the company and our strategy of building multiple business platforms for solid, sustainable growth well into the future," said Bob Nardelli, chairman, president & CEO. "Our strong financial performance is enabling us to build upon our leading position across a number of professional businesses and other adjacent markets. We are staying on our strategy of enhancing the core, extending the business and expanding the market."
The retailer said it expected sales for the period ending Jan. 31, 2005 to increase 12.5 percent to $72.9 billion. Same store sales are expected to increase 5 percent, while earning per share are forecast to increase 20 percent to $2.26.
As of December 2004, the company has completed approximately $6.4 billion of its $7 billion share repurchase program and, over the past 3 years, has returned approximately $8.8 billion in cash to its shareholders in the form of dividends and share repurchases.
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