Atlanta, GA, August 19--Home Depot declared a second quarter cash dividend of $0.10 per share. The company’s board also authorized an additional $1 billion to repurchase outstanding shares, bringing the total authorized share repurchase program to $11 billion.
"We completed our second quarter with strong financial results, which are indicative of strong sales and our continued focus on process improvement and cost control. These results reflect the hard work and dedication of our 325,000 associates," said Bob Nardelli, chairman, president & CEO.
"When it comes to capital allocation, we balance our allocation between investing in our business and returning cash to our shareholders. In 2005 we will invest over $3.7 billion back into the business. Over the past four years, we have invested over $17 billion, more than doubled our dividend, and, since late 2002, have spent $8.6 billion to repurchase 250 million shares, or over 10% of our outstanding shares."
The company said it continued to demonstrate strong financial discipline as evidenced by a return on invested capital of 23 percent at the end of the second quarter of 2005.
It also said this is the seventy-fourth consecutive quarter the company has paid a cash dividend. The dividend is payable on September 15, 2005, to shareholders of record on the close of business on September 1, 2005.
