Home Depot Announces Increased Q1 Earnings, Sales
May 16, 2006
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Appliance retailer The Home Depot reported first quarter net earnings of U.S. $1.5 billion, or $0.70 per diluted share, compared to $0.57 per diluted share and net earnings of $1.2 billion in the same period in fiscal 2005. This resulted in a 22.8-percent increase in earnings per diluted share over the first quarter of fiscal 2005.

Sales for the first quarter of fiscal 2006 totaled $21.5 billion, a 13.1-percent increase from the first quarter of fiscal 2005.

Significant first quarter merchandising accomplishments included the retailer achieving a 9.9-percent market share in appliances, up 140 basis points on a 12-month rolling basis, according to an independent third party.

"Our stores are well prepared for spring and summer with an unprecedented number of new and exclusive products," said Tom Taylor, executive vice president, Merchandising and Marketing. "Throughout 2006, we will continue our focus on providing distinctive, one-of-a-kind merchandise and creating excitement in our stores. Beginning in this quarter, we are accelerating the reset activity in 500 of our highest volume stores and will reset over 100 bays in each of those stores by year-end."

During the quarter, the company opened 23 new stores, including 4 relocations, with 4 new stores in Canada and 2 in Mexico, bringing the total store count to 2,051. As of the end of the quarter, approximately 10 percent of its stores were in Canada and Mexico.

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