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Home Depot

2Q

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The Home Depot (Atlanta) has reported a 17.1 percent gain in net earnings for the second quarter of fiscal 2005 ended July 30.

Sales for the period increased 11.7 percent, Same-store sales growth was 4 percent.

“This quarter, we demonstrated our strategy of enhancing our core through various initiatives aimed at improving store efficiency and customer service while executing on expanding our business through The Home Depot Supply to build strong, sustainable platforms for growth,” said chairman, president and ceo Bob Nardelli.

The company said it will continue to invest in its stores to improve store efficiency and the overall customer shopping experience. In 2004, the focus was on enhancing the front-end of the store through self-checkout and a new point of sales system. For 2005, the company’s focus is to enhance the receiving process. Back-end automated receiving (BEAR) is in over 1000 stores and will be in all U.S. and Canadian stores by the end of the third quarter. Among other things, this initiative improves operational execution and productivity, enabling the company to reallocate resources to the selling floor.

During the second quarter, the company opened 44 net new stores, including the acquisition of seven Contractors’ Warehouse stores in California. As of today, the total store count is 1940.

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