Home improvement and appliance retailer The Home Depot(R), declared a first-quarter cash dividend of U.S. $0.10 per share. The board also authorized an additional $1 billion to repurchase outstanding shares, bringing the total authorized share repurchase program to $10 billion. Over the past 4 years, the company has repurchased $8.1 billion of its outstanding shares.
"Our solid first quarter results reflect the hard work and dedication of our 325,000 associates," said Bob Nardelli, chairman, president, and CEO. "The company's relentless focus on our strategy has enabled us to effectively manage our business, serve our customers and produce sustainable financial results. The board's decision today supports our commitment of reinvesting in the business for growth and returning cash to our shareholders."
In the past 4 years, the company said it has returned over 55 percent of its cumulative earnings to the company's shareholders in the form of dividends and share repurchases. The retailer also said it showed a return on invested capital of 22 percent at the end of the first quarter of 2005.
The dividend is payable on June 23, 2005, to shareholders of record on the close of business on June 9, 2005.
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