London, England, September 11, 2006--Home Depot, according to the Financial Times, has ruled out expansion in Europe, ending years of speculation that it could bid for Kingfisher PLC, the U.K. home-improvement retailer.
The newspaper reported on its Web site that Home Depot chief executive Bob Nardelli said the fragmented nature of the market, restrictive planning regulations and sluggish economic growth were all factors weighing against investment in Europe.
He told the Financial Times "Europe is off the agenda. The answer on Kingfisher is no."
"It's not a reflection on Kingfisher because it is a good company.... But our focus right now is China and we still have lots of opportunities in North and Central America," the FT quoted him as saying.
