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THE HOME DEPOT REPORTS 27TH CONSECUTIVE QUARTER OF RECORD EARNINGS AND SALES; EARNINGS UP 44 PERCENT, SALES UP 41 PERCENT FOR THIRD QUARTER

 ATLANTA, Nov. 17 ~PRNewswire~ -- The Home Depot, Inc. (NYSE: HD), the nation's largest home center retailer, today reported record earnings of $84,360,000 ($.25 per share) for the third quarter of fiscal 1992, the 13 weeks which ended on Nov. 1.
 That is a 44 percent increase, compared to the $58,385,000 ($.18 per share) the company earned during the third quarter of fiscal 1991.
 Sales during the third quarter of fiscal 1992 rose 41 percent to $1,834,006,000 compared to $1,298,277,000 during the comparable 1991 period. On a comparable store-for-store basis, sales were up 16 percent for the quarter. Comparable store sales would have been 14 percent without the eight stores in southern Florida which were significantly affected by Hurricane Andrew.
 This is the 27th consecutive quarter in which The Home Depot has had record earnings and sales.
 For the first nine months of fiscal 1992, earnings increased by 46 percent to $265,723,000 ($.80 per share) compared to earnings of $181,501,000 ($.59 per share) during the comparable period of fiscal 1991. Sales for the first nine months of fiscal 1992 increased 39 percent to $5,329,961,000 from $3,837,959,000 during the comparable 1991 fiscal period. On a comparable store-for-store basis, sales were up 15 percent for the nine months but would have been 14 percent without the eight southern Florida stores affected by Hurricane Andrew.
 All per share data have been adjusted to reflect the three-for-two stock split that was effected in the form of a stock dividend on July 1.
 Through the first nine months of the current fiscal year, annualized inventory turnover was 6.5, compared to 6.2 during the comparable period of last year.
 During the third fiscal quarter of 1992, the company opened a total of seven stores. They are located in Orange, Conn.; Cutler Ridge, Fla. (which temporarily closed until Nov. 12 due to Hurricane Andrew); Torrance, Calif.; Salem, N.H.; Lawnside, N.J.; Las Vegas; and Henderson, Nev. A store in Sunnyvale, Calif., was replaced with a larger facility.
 At the close of the third quarter of fiscal 1992, the company had a total of 198 stores in 18 states with an aggregate of approximately 19,172,000 square feet of selling space. That is an increase of 24 percent over the approximately 15,503,000 square feet of selling space at the close of the comparable quarter of fiscal 1991 when the company was operating 165 stores in 15 states.
 Atlanta-based Home Depot operates full-service, warehouse-style stores ranging in size from 68,000 to 140,000 square feet. The stores stock approximately 30,000 different 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. 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
 11~1~92 11~3~91 11~1~92 11~3~91
 Sales $1,834,006 $1,298,277 $5,329,961 $3,837,959
 Cost of merchandise
 sold 1,338,913 932,899 3,886,448 2,777,880
 Gross profit 495,093 365,378 1,443,513 1,060,079
 Operating expenses:
 Selling and
 store op. 325,857 242,125 916,719 681,934
 Pre-opening 6,514 6,170 17,556 12,985
 Gen. & admin. 37,809 29,742 107,340 85,240
 Total operating
 expenses 370,180 278,037 1,041,615 780,159
 Operating income 124,913 87,341 401,898 279,920
 Interest income 18,338 7,309 52,144 19,761
 Interest expense (9,351) (1,525) (32,259) (10,200)
 Interest, net 8,987 5,784 19,885 9,561
 Earnings before
 income taxes 133,900 93,125 421,783 289,481
 Income taxes 49,540 34,740 156,060 107,980
 Net earnings $ 84,360 $ 58,385 $ 265,723 $ 181,501
 Earnings per
 share(a) $ .25 $ .18 $ .80 $ .59
 Weighted average
 shares(a) 338,207 324,324 331,901 307,554
 Selected Highlights
 Customer
 transactions 47,468 36,441 141,542 108,980
 Average sale $ 38.64 $ 35.63 $ 37.66 $ 35.22
 Weighted average
 weekly sales per
 store $733,000 $632,000 $ 740,000 $ 647,000
 Square footage -
 end of period --- --- 19,172 15,503
 Capital
 expenditures 136,073 116,143 296,956 324,487
 Depreciation and
 amortization 17,183 13,743 50,660 37,953
 Selected Balance Sheet Information
 11~1~92 11~3~91
 Cash and short-term
 investments $ 505,205 $ 521,569
 Merchandise inventories 898,584 656,972
 Current assets 1,582,910 1,261,628
 Property and equip., net 1,491,403 1,162,598
 Long-term investments 711,361 ---
 Other assets 52,591 39,678
 Total assets 3,838,265 2,463,904
 Current liabilities 802,220 578,136
 Long-term debt 39,213 41,260
 Convertible securities 804,990 229,930
 Stockholders' equity $2,169,063 $1,600,481
 (a) Share and per-share data for all periods presented have been adjusted retroactively for a three-for-two stock split effected in the form of a dividend in July of 1992.
 -0- 11~17~92
 ~CONTACT: Ronald M. Brill, senior 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

EA-TG -- AT002 -- 1663 11~17~92 08:03 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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