Atlanta based largest home improvement The Home Depot reported second quarter net earnings of $1.8 billion, $0.82 per diluted share, up 17.1 percent, for the second quarter of fiscal 2005, compared with $1.5 billion, $0.70 per diluted share, for the second quarter of fiscal 2004.
Sales for the period increased $2.3 billion, or 11.7 percent to $22.3 billion. Comparable store sales growth was 4.0 percent.
"I would like to thank associates for helping us deliver solid performance during the quarter," said Bob Nardelli, Chairman, President & CEO. "This quarter demonstrated company strategy of enhancing 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."
"In the second quarter they continued focus on improving operating efficiencies and drove the highest operating margin in company's history," said Carol Tome, Executive Vice President and CFO. At the end of the second quarter, the company reported total assets of $42.7 billion, total stockholders' equity of $25.1 billion and return on invested capital of 23 percent. Since the company's share repurchase program began in late 2002, the company has purchased 250 million shares, or $8.6 billion of its $10 billion share repurchase program.
The company affirmed its fiscal 2005 sales growth guidance of 9-12 percent and increased its earnings per share growth guidance from 10-14 percent to 14-17 percent.
marketing@alchempro.com
