World's largest home improvement retailer, Home Depot announced that its Board of Directors declared a third quarter cash dividend of 10 cents per share.
"They have achieved record third quarter results thanks to the hard work and dedication of their 325,000 associates," said Bob Nardelli, Chairman, President & CEO.
"They have stayed on strategy, enhancing their core through various initiatives aimed at improving the customer shopping experience, extending their retail store base in Canada and Mexico, while expanding their business through The Home Depot Supply to build strong sustainable platforms for growth.
The focus on their fundamentals has enabled them to consistently and predictably deliver strong results and value to their shareholders."
"Since the inception of their share repurchase program in late 2002, they have repurchased $9.5 billion of their $11 billion authorization," said Nardelli.
"During this same period, they have more than doubled the dividend paid back to their shareholders.
Together, this represents more than 60 percent of cumulative earnings that they have returned to their shareholders, demonstrating their ability to sustain growth and deliver value."
This is the seventy-fifth consecutive quarter the company has paid a cash dividend.
The dividend is payable on December 15, 2005, to shareholders of record on the close of business on December 1, 2005.
Founded in 1978, The Home Depot is the world's largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2004 sales of $73.1 billion.
The company employs approximately 325,000 associates and has 1,985 stores in all 50 states, the District of Columbia, Puerto Rico, 10 Canadian provinces and Mexico.
The company has announced plans for retail expansion into China.
The Home Depot has been recognized by Fortune as the No. 1 Most Admired Specialty Retailer for 2005.
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