Printer Friendly

THE HOME DEPOT REPORTS RECORD EARNINGS, SALES FOR 31ST CONSECUTIVE QUARTER; EARNINGS UP 23 PERCENT, SALES UP 26 PERCENT

 ATLANTA, Nov. 16 /PRNewswire/ -- The Home Depot (NYSE: HD), America's largest home improvement retailer, today reported record earnings of $103,418,000 ($.23 per share) for the third quarter of fiscal 1993, the 13 weeks that ended on Oct. 31.
 That is a 23 percent increase over the same period of 1992 fiscal year when the company earned $84,360,000 ($.19 per share). Included in the results was an adjustment of approximately $4 million ($.01 per share) resulting from the retroactive tax rate increase. Earnings would have been up 27 percent without this adjustment.
 Sales during the third quarter of fiscal 1993 rose 26 percent to $2,317,372,000 compared to $1,834,006,000 during the comparable 1992 period. On a comparable store-for-store basis, sales were up 6 percent for the quarter. Comparable store sales would have been up 8 percent if adjusted for the eight stores in southern Florida that have been significantly affected by the Hurricane Andrew rebuilding effort begun during the comparable period of fiscal 1992.
 This is the 31st consecutive quarter in which The Home Depot has had record earnings and sales.
 For the first nine months of fiscal 1993, earnings increased by 30 percent to $344,721,000 ($.76 per share) compared to earnings of $265,723,000 ($.60 per share) during the comparable period of fiscal 1992. Sales for the first nine months of fiscal 1993 increased 30 percent to $6,951,346,000 from $5,329,961,000 during the comparable 1992 period. On a comparable store-for-store basis, sales were up 7 percent for the first nine months of fiscal 1993.
 All per share data have been adjusted to reflect the four-for-three stock split that was effected in the form of a stock dividend on April 14.
 Through the first nine months of the current fiscal year, annualized inventory turnover was 6.2 compared to 6.5 during the comparable period of last year.
 During the third quarter of fiscal 1993, the company opened a total of 12 stores. They are located in Pittsburg, Mission Viejo, Victorville, Salinas, and Fresno (2 stores), Calif.; Houston; Tallahassee and Lake Mary, Fla.; Greensboro, N.C.; Augusta, Ga., and Long Island, N.Y.
 At the close of the third quarter of fiscal 1993, the company had a total of 242 stores in 21 states with an aggregate of approximately 23,982,000 square feet of selling space. That is an increase of 25 percent over the approximately 19,172,000 square feet of selling space at the close of the comparable quarter of fiscal 1992 when the company was operating 198 stores in 18 states.
 Atlanta-based Home Depot operates full-service, warehouse-style stores averaging 99,100 square feet in size. The stores sell more than 30,000 kinds of building materials, home improvement products and lawn and garden supplies which are sold primarily to do-it-yourselfers, but also to home improvement, construction and building maintenance professionals. Founded in 1978, The Home Depot is now widely regarded as the leading retailer in the home improvement industry. Its stock is traded on the New York Stock Exchange under the symbol, "HD," and is included in the Standard & Poor's 500 Index.
 THE HOME DEPOT, INC. STATEMENTS OF EARNINGS
 THIRD QUARTER
 (unaudited)
 (000s omitted)
 3 months ended 9 months ended
 10/31/93 11/1/92 10/31/93 11/1/92
 Sales $2,317,372 $1,834,006 $6,951,346 $5,329,961
 Cost of merchandise
 sold 1,691,186 1,338,913 5,061,626 3,886,448
 Gross profit 626,186 495,093 1,889,720 1,443,513
 Operating expenses:
 Selling and
 store op. 406,160 325,857 1,200,741 916,719
 Pre-opening 10,024 6,514 20,344 17,556
 Gen. & admin. 45,360 37,809 137,232 107,340
 Total operating
 expenses 461,544 370,180 1,358,317 1,041,615
 Operating income 164,642 124,913 531,403 401,898
 Interest income 13,862 18,338 46,559 52,144
 Interest expense (6,716) (9,351) (23,481) (32,259)
 Interest, net 7,146 8,987 23,078 19,885
 Earnings before
 income taxes 171,788 133,900 554,481 421,783
 Income taxes 68,370 49,540 209,760 156,060
 Net earnings $103,418 $ 84,360 $ 344,721 $ 265,723
 Earnings per
 share(a) $ .23 $ .19 $ .76 $ .60
 Weighted average
 shares(a) 452,925 450,943 452,878 442,535
 Selected Highlights
 Customer
 transactions 58,947 47,468 177,057 141,542
 Average sale $ 39.31 $ 38.64 $ 39.26 $ 37.66
 Weighted average
 weekly sales per
 store $764,000 $733,000 $ 789,000 $ 740,000
 Square footage -
 end of period --- --- 23,982 19,172
 Capital
 expenditures 210,592 136,073 603,062 296,956
 Depreciation and
 amortization 22,989 17,183 65,014 50,660
 Selected Balance Sheet Information
 10/31/93 11/1/92
 Cash and short term investments $ 620,836 $ 505,205
 Merchandise inventories 1,180,375 898,584
 Current assets 2,025,854 1,582,910
 Property and equip., net 2,113,820 1,491,403
 Long-term investments 372,499 711,361
 Other assets 98,032 52,591
 Total assets 4,610,205 3,838,265
 Current liabilities 1,049,624 802,220
 Long-term debt 37,805 39,213
 Convertible securities 804,990 804,990
 Stockholders' equity $2,681,374 $2,169,063
 (a) Share and per-share data for all periods presented have been adjusted retroactively for a four-for-three stock split-up effected in the form of a dividend in April 1993.
 -0- 11/16/93
 /CONTACT: Ronald M. Brill, executive vice president/chief financial officer, 404-431-2727, or Lonnie Fogel, director of Public Relations, 404-431-2666, both of The Home Depot/
 (HD)


CO: The Home Depot, Inc. ST: Georgia IN: REA SU: ERN

BR-TG -- AT001 -- 4865 11/16/93 08:03 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 16, 1993
Words:976
Previous Article:ADELPHIA COMMUNICATIONS ANNOUNCES SECOND QUARTER RESULTS
Next Article:THE HOME DEPOT ACQUIRES SEVEN HOMEBASE CHICAGO AREA STORE LOCATIONS FROM WABAN
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters