Home Depot Increases Share Repurchase Program

Atlanta, GA, Feb. 27– Home Depot’s board of directors declared a quarterly cash dividend of seven cents per share and an increase in its authorized share repurchase program of $1 billion.

“As a result of the company’s continued strong performance, our board of directors has authorized an additional $1 billion to repurchase outstanding stock, bringing the total capital committed for share repurchases to $5 billion,” said Bob Nardelli, chairman, president and CEO. In the past two years, the company has repurchased approximately $3.6 billion of its outstanding stock through fiscal 2003.

Over a three-year period, the share repurchase program, coupled with dividends paid, have returned approximately 46% of cumulative earnings to shareholders.
This is the sixty-seventh consecutive quarter that the company has paid a cash dividend. The dividend is payable March 22, 2004, to shareholders of record at the close of business on March 11, 2004.