Home Depot continues double-digit growth
By Staff -- Industrial Distribution, 5/1/1998
It's no secret that while many distributors of contractor supplies are fearful of Home Depot, others say the big orange boxes have forced them to rethink their own businesses, come up with more strategic selling philosophies, and run their businesses better.So what's the update on Home Depot itself? The retailer continues to grow in double digits. North America's largest home improvement retailer reported 1997 sales of $24.2 billion, an increase of 24 percent over 1996 sales.
Comparable store sales rose seven percent from the previous year, and H-D continues to experiment with rental stores. Sources say the firm is experimenting with contractor-only sites that are attached to existing Home Depot stores.
"We're very proud today to be exceeding our commitment to stockholders to grow earnings per share between 23-25 percent for fiscal 1997," stated Arthur M. Blank, president and CEO of The Home Depot, in a release. "The 27 percent earnings per share growth for the year is the result of the energy of 125,000 orange-blooded Home Depot associates, and a robust industry environment."
During the fourth quarter of fiscal 1997, Home Depot opened 41 new stores and relocated two stores. At the end of fiscal 1997, it operated a total of 624 stores, including 587 Home Depot stores and five EXPO Design Centers in the United States, and 32 Home Depot stores in Canada, with a total of approximately 66 million square feet of selling space.
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