Atlanta, GA, Nov. 19--The Home Depot had record net earnings of $940 million, or $0.40 per diluted share, for the third quarter of fiscal 2002, an increase of 21% compared with net earnings of $778 million, or $0.33 per diluted share, for the same period a year ago. Sales for the quarter increased 9% to $14.5 billion and comparable store sales decreased 2%.
"The Home Depot delivered strong earnings in the third quarter as we continue to reinvest in our facilities and associates. The operational initiatives we launched a year ago are delivering results, thanks to our associates, customers and vendor partners," said Bob Nardelli, chairman, president & CEO of The Home Depot. "The current retail environment, coupled with merchandising changes and resets within our stores, affected customer traffic. Throughout the quarter, however, we saw customers respond to great values in areas like appliances, flooring, and power tools, supporting growth in our average ticket.
"This year we will open 200 new stores and add 40,000 associates. Our financial condition remains unsurpassed in retail, with $4.0 billion in cash and more than $20 billion in equity at the end of the quarter."
During the quarter, The Home Depot added 34 stores, including two stores in Mexico. At the end of the quarter, the company operated a total of 1,471 stores.
The Home Depot reconfirmed that it expects to earn $0.31 diluted earnings per share for the fourth quarter, an increase of 15% over the same period a year ago, on a 13 week basis. The company also indicated that it is comfortable with $1.57 diluted earnings per share for the fiscal year, a 25% increase over fiscal 2001 on a 52 week basis.
