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THE HOME DEPOT REPORTS RECORD EARNINGS AND SALES FOR 26TH CONSECUTIVE QUARTER; EARNINGS UP 42 PERCENT, SALES UP 37 PERCENT FOR SECOND QUARTER

THE HOME DEPOT REPORTS RECORD EARNINGS AND SALES FOR 26TH CONSECUTIVE QUARTER; EARNINGS UP 42 PERCENT, SALES UP 37 PERCENT FOR SECOND QUARTER
 ATLANTA, Aug. 18 /PRNewswire/ -- The Home Depot (NYSE: HD), America's largest home center retailer, today reported record earnings of $101,867,000 ($.31 per share) for the second quarter of its 1992 fiscal year, the 13 weeks that ended on Aug. 2.
 That is a 42 percent increase over the same period of the 1991 fiscal year when the company earned $71,828,000 ($.23 per share).
 This is the 26th consecutive quarter in which The Home Depot has had record earnings and sales.
 Sales during the second quarter of fiscal 1992 rose 37 percent to $1,856,380,000 compared to $1,352,792,000 during the comparable 1991 period. On a comparable store-for-store basis, sales were up 14 percent for the quarter.
 For the first six months of fiscal 1992, earnings increased by 47 percent to $181,363,000 ($.55 per share) compared to earnings of $123,116,000 ($.41 per share) for the same period last year. Sales for the first six months of fiscal 1992 increased 38 percent to $3,495,955,000 from $2,539,682,000 for the same period of fiscal 1991. On a comparable store-for-store basis, sales were up 14 percent for the first half of fiscal 1992.
 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 six months of the current fiscal year, annualized inventory turnover was 6.7, compared to 6.4 for the same period of last year.
 The company opened 10 new stores during the second quarter of fiscal 1992. They are located in Austin, Texas; Los Angeles; Bayshore, N.Y.; Boca Raton, Fla.; Charlotte, N.C.; Vallejo, Calif.; Danvers, Mass; Dallas; Rohnert Park, Calif.; and South Attleboro, Mass. Also during the fiscal quarter that just ended, The Home Depot re-opened its Thomas Road store in Phoenix which had been closed for remodeling and repairs, and relocated one store in the Clearwater, Fla., area.
 At the close of the second quarter of fiscal 1992, the company was operating a total of 191 stores in 17 states with an aggregate of approximately 18,389,000 square feet of selling space. That is an increase of 27 percent over the approximately 14,462,000 square feet of selling space at the close of the second quarter of fiscal 1991, when the company was operating 156 stores in 14 states.
 Atlanta-based Home Depot operates warehouse-style stores in 17 states. 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
 SECOND QUARTER
 (Unaudited)
 (000s omitted)
 3 months ended 6 months ended
 8/2/92 8/4/91 8/2/92 8/4/91
 Sales $1,856,380 $1,352,792 $3,495,955 $2,539,682
 Cost of merchandise
 sold 1,353,960 983,709 2,547,535 1,844,981
 Gross profit 502,420 369,083 948,420 694,701
 Operating expenses:
 Selling and
 store op. 306,114 229,532 590,862 439,809
 Pre-opening 6,474 3,622 11,042 6,815
 Gen. & admin. 35,647 27,936 69,531 55,498
 Total operating
 expenses 348,235 261,090 671,435 502,122
 Operating income 154,185 107,993 276,985 192,579
 Interest income 18,516 8,220 33,806 12,452
 Interest expense (10,604) (2,185) (22,908) (8,675)
 Interest, net 7,912 6,035 10,898 3,777
 Earnings before
 income taxes 162,097 114,028 287,883 196,356
 Income taxes 60,230 42,200 106,520 73,240
 Net earnings $ 101,867 $ 71,828 $ 181,363 $ 123,116
 Earnings per
 share(a) $.31 $.23 $.55 $.41
 Weighted average
 shares (a) 331,777 319,003 328,748 299,178
 Selected Highlights
 Customer
 transactions 49,120 37,845 94,074 72,539
 Average sale $ 37.79 $ 35.72 $ 37.16 $ 35.01
 Weighted average
 weekly sales per
 store $776,000 $683,000 $ 743,000 $ 655,000
 Square footage -
 end of period --- --- 18,389 14,462
 Capital
 expenditures 80,381 116,053 160,883 208,344
 Depreciation and
 amortization 18,147 12,633 33,477 24,210
 Selected Balance Sheet Information
 8/2/92 8/4/91
 Cash and short-term
 investments $ 771,868 $ 548,794
 Merchandise inventories 839,708 617,472
 Current assets 1,767,726 1,254,217
 Property and equipment, net 1,377,446 1,061,948
 Long-term investments 535,732 ---
 Other assets 48,297 46,833
 Total assets 3,729,201 2,362,998
 Current liabilities 777,707 533,552
 Long-term debt 39,544 41,618
 Convertible securities 805,000 229,930
 Stockholders' equity $2,087,872 $1,544,328
 (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 1992.
 -0- 8/18/92
 /CONTACT: Ronald M. Brill, senior vice president/CFO, 404-431-2727, or Lonnie Fogel, 404-431-2666, both of Home Depot/
 (HD) CO: The Home Depot, Inc. ST: Georgia IN: REA SU: ERN


EA-BN -- AT001 -- 0786 08/18/92 08:02 EDT
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Date:Aug 18, 1992
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