Headlines

Home Depot Grows

Sales and earnings were up in 2003; plans for 175 new stores in 04

Published

22 years ago

February 24, 2004

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The Home Depot (Atlanta) reported a 38.6 percent increase in net earnings for its fourth quarter 2003. Sales for the quarter increased 14.5 percent and same-store sales were up 7.6 percent.

The announcement came the day after its chief rival in the home-improvement retailing industry, Lowe's (Mooresville, N.C.), reported big jumps in its quarterly and annual sales.

For the year, Home Depot's record net earnings climbed 21 percent), sales increased 11.3 percent and same-store sales grew 3.8 percent.

“These record results reinforce the fact that our strategy of investing nearly $10 billion in business growth and transformation over the past three years is producing the desired results,” said chairman, ceo and president Bob Nardelli. “As we enter our 25th year in business, we are proud to be the youngest retailer to reach over $60 billion in revenue.”

The company reiterated fiscal 2004 sales growth guidance of 9-12 percent and said it plans to open 175 new stores this year.

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