Home Depot To Buy Back Shares, Invest In New Store
Atlanta, GA, May 30--Home Depot plans to repurchase up to $500 million of stock, citing its "strong cash position and stellar financial condition."
In a press release Friday, the home improvement company said it also plans to invest $4 billion in new stores, remodels, technology and other initiatives during 2003.
During the first quarter ended May 4, Home Depot opened 36 new stores, raising the total number of stores to 1,568.
The company also ended the first quarter with $4.26 billion in cash and cash equivalents.
On May 20, Home Depot reaffirmed its expected 9% to 14% rise in fiscal 2003 earnings per share, as well as a 9% to 12% sales increase.
The guidance places Home Depot's year earnings between $1.70 and $1.78 a share on sales between $63.49 billion and $65.24 billion, based on its net income of $3.66 billion, or $1.56 a diluted share, on sales of $58.25 billion for the year ended Feb. 2.
