Appliance retailer The Home Depot reported third quarter fiscal 2005 net earnings of U.S. $1.5 billion, $0.72 per diluted share, up 20 percent, compared with $1.3 billion, $0.60 per diluted share, for the third quarter of fiscal 2004.
Sales for the period increased $2.0 billion, or 10.5 percent, to $20.7 billion. Growth in comparable store sales was 3.6 percent. The retailer reported total assets of $44.7 billion at the end of the third quarter and repurchased $868 million, or 21.8 million shares, under its share repurchase program.
"The execution of our strategy and the focus on our fundamentals has enabled us to consistently and predictably deliver strong results," said Bob Nardelli, chairman, president & CEO.
In addition, Home Depot lifted its fiscal 2005 sales growth guidance range from its previous 9 percent to 12 percent up to 10 percent to 12 percent and increased its earnings per share growth guidance from it previous range of 14 percent to 17 percent up to 17 percent to 18 percent.
The retailer announced that it experienced continued growth in the core appliance market share, increasing share by 130 basis points to 9.2 percent on a rolling 12-month basis, according to an independent third party research company, reportedly the highest yearly market share gain in the industry
During the quarter, Home Depot opened 37 new stores across Canada, Mexico and the U.S., bringing the total store count to 1,972 as of the end of the quarter. In the fourth quarter, the company will open its 2,000th store, including its 50th store in Mexico, which recently opened.
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