Atlanta, GA, Jan. 16--Home Depot Inc., the world's largest home improvement retailer, on Friday raised its earnings outlook for 2003 but cut its planned store openings for 2004.
The firm, under pressure as rival Lowe's Cos. enters its richest markets, also told an analysts' meeting that it expects per-share earnings to rise 7% to 11% in 2004, including effects of an accounting change, as well as sales growth of 9% to 12%.
The company's shares rose to $35.80 before the bell from $35.43 at the close on Thursday.
Home Depot, which has more than 1,600 stores in the United States, Canada and Mexico, pared its planned store openings for this year. It said it would open 175 stores, down from the 200 openings it has set for the past few years.
Home Depot, which said it planned to spend $3.7 billion on new and older stores this year, said it now expects fiscal 2003 per-share earnings to rise 17% to 19%, up from its prior forecast of a rise of 15% to 17%.
Analysts currently expect Home Depot to post profit of $1.82 for 2003, which would represent an 18 percent rise over 2002's profit of $1.54.
