Atlanta, GA, June 10—-According to the Atlanta Journal-Constitution, Home Depot Chairman and Chief Executive Bob Nardelli told CNBC on Tuesday that the company "made some mistakes," when it opened Expo Design Center stores but remains committed to the concept.
The company plans to close 15 of 54 Expo stores because "certain stores were not meeting our strategic objectives," according to an announcement last month.
The remaining 34 Expo stores — which sell high-end bath, kitchen and plumbing fixtures — will stay open, including two in Atlanta.
"We're still committed to that concept," Nardelli said on CNBC. "It's a repositioning of that concept."
Also on CNBC, Nardelli didn't comment directly on speculation that Home Depot is interested in buying United Kingdom-based Kingfisher, a home improvement retailer with a sizable presence in Europe and a growing one in China.
Asked whether Home Depot is buying Kingfisher, Nardelli said, "No, we announced we're going to China."
Nardelli also commented on the housing market, saying Home Depot's business is closely correlated to housing turnover, or resales.
"We see that continuing...."People are using their homes as a sanctuary," Nardelli said.
