Atlanta, GA, May 20--The Home Depot, the world's largest home improvement retailer, today reported record first quarter net earnings of $907 million ($0.39 per diluted share) for fiscal 2003, compared with net earnings of $856 million ($0.36 per diluted share) in fiscal 2002. Sales for the period increased 5.8 percent to $15.1 billion and comparable store sales declined 1.6 percent.
"The Home Depot is beginning to gain traction from the transformational initiatives launched last year," said Bob Nardelli, chairman, president & CEO. "We introduced new products, increased the overall inventory levels in our stores, and introduced a cohesive, nationwide marketing program. Collectively, these initiatives helped us perform through a tough environment. Our store reinvestment strategy is delivering a cleaner, brighter shopping environment as we continued with our store resets and remodels. Our 315,000 associates focused on sales, service and execution during the quarter and delivered the highest average ticket in company history.
"While we remain cautious on the domestic economic outlook, the strength of our balance sheet and our operating performance will allow us to stay on strategy with continued investment in our stores, our associates, and our customers," Nardelli said.
The Home Depot reaffirmed that it expects sales for fiscal 2003 to increase between 9 and 12 percent and earnings per diluted share to increase between 9 and 14 percent. Comparable sales are expected to be flat to slightly positive on the year. The company provides sales, earnings and other financial forward-looking guidance on an annual basis only, consistent with its long-term outlook for the business.
