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HOME DEPOT CHAIRMAN UPDATES COMPANY'S PRICE AND QUANTITY POLICIES IN HURRICANE AREAS

 HOME DEPOT CHAIRMAN UPDATES COMPANY'S PRICE AND QUANTITY POLICIES
 IN HURRICANE AREAS
 Marcus Calls on Entire Building Materials Industry
 To Put Profits Last and People First
 ATLANTA, Aug. 28 /PRNewswire/ -- Home Depot (NYSE: HD) Chairman and CEO Bernard Marcus this afternoon announced a further modification to the company's policies on pricing and quantity purchases to areas hit by Hurricane Andrew.
 During a press conference at Home Depot's headquarters in Atlanta, Marcus said that "in order to show Home Depot's support for our neighbors whose homes have been damaged by Hurricane Andrew, I am immediately instituting the following price policy:
 "In our southeast Florida stores which are located in Palm, Broward and Dade counties, plus all of our stores in Louisiana, we will charge our customers our delivered cost after freight and accept no profit on four primary storm-related in-stock building materials. These products are CDX Plywood; Roofing Shingles; Roofing Felt Paper; and Polyethylene Sheeting.
 "Quantity limits will remain in effect for the next 30 days to ensure that all who need these materials will be able to purchase them at these prices.
 "That means, that in terms of CDX Plywood, a primary product that homeowners can use to board up windows and patch roofs, Home Depot has imposed a limit of 25 sheets of the product per customer in order to ensure that all product sales are for the purchasers' personal needs.
 "For the other three products specifically mentioned in the policy, as well as other emergency-related products such as chain saws, cannisters of propane cooking gas, batteries, flashlights and portable electrical generators, the company has directed its store employees to use their best judgment to determine whether customers are purchasing the supplies for personal use."
 Home Depot stores and its customers have been victimized by opportunists attempting to purchase large quantities of emergency supplies for re-sale to storm victims at exorbitant prices.
 Marcus singled out Louisiana-Pacific for special praise in its decision today to roll back the wholesale cost of CDX Plywood to Home Depot.
 Marcus also praised Celetex for continuing to maintain pre-hurricane wholesale prices on roofing shingles and roofing felt paper.
 Marcus said that Home Depot is continuing its discussions with other key suppliers to encourage them to roll back prices to pre-hurricane levels as a public service.
 "This is not a time to make money on the back of other people's misfortune," he said. "It is a time for all of us in the building materials industry to pull together and do all we can to help alleviate massive human suffering."
 Through late this week, despite rapid wholesale price increases in lumber products, Home Depot had maintained its pre-hurricane price structures even as it continued to experience significant wholesale price increases.
 In Home Depot's other markets around the country, retail prices on the four products included in the current policy are expected to fully reflect the company's wholesale costs.
 Overall, a total of 16 out of 19 Home Depot stores are now operating in southeast Florida, and all six of the company's Louisiana stores are open. Of the three stores in southeast Florida that remain closed, two are expected to partially re-open by next Monday with tents to sell emergency building supplies. The third store is expected to re-open within approximately five to six months, although efforts are underway to use a tent to provide some emergency supplies from that location as well.
 -0- 8/28/92
 /CONTACT: Lonnie Fogel, director of public relations, 404-431-2666 or, home, 404-875-7316, or Jerry Shields, senior public relations manager, 404-431-2741 or, home, 404-816-0363, both of The Home Depot; or Bruce Berg, president, Home Depot Southeast Division in Tampa, 813-282-2000/
 (HD) CO: The Home Depot, Inc. ST: Florida, Georgia IN: REA SU:


BN-EA -- AT017 -- 4535 08/28/92 16:01 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
Words:630
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