ATLANTA, May 15,
2012 /PRNewswire-HISPANIC PR WIRE/ — The Home Depot®, the world’s
largest home improvement retailer, today reported sales of $17.8 billion for the
first quarter of fiscal 2012, a 5.9 percent increase from the first quarter of
fiscal 2011. Comparable store sales for the first quarter of fiscal 2012 were
positive 5.8 percent, and comp sales for U.S. stores were positive 6.1 percent.
(Logo:
photos.prnewswire.com/prnh/20030502/HOMEDEPOTLOGO )
Net earnings for
the first quarter were $1.0 billion, or $0.68 per diluted share, compared with
net earnings of $812 million, or $0.50 per diluted share, in the same period of
fiscal 2011. For the first quarter of fiscal 2012, diluted earnings per share
increased 36.0 percent from the same period in the prior year.
First quarter of
fiscal 2012 results reflect a benefit to earnings, net of tax, of $43 million,
or $0.03 per diluted share, related to the termination of the Company’s
guarantee of a senior secured loan.
“We saw a
stronger-than-expected start to the year, driven by record warm weather and
continued demand for core products,” said Frank Blake, chairman & CEO. “I would
like to thank our associates for their hard work and dedication.”
Updated Fiscal 2012 Guidance
Based on its
year-to-date performance, the Company updated its fiscal 2012 guidance and now
expects sales to be up approximately 4.6 percent for the year on a 53-week
basis. The Company raised its fiscal 2012 diluted earnings-per-share guidance
and now expects diluted earnings per share to be up approximately 17 percent to
$2.90 for the year. This earnings-per-share guidance includes the $0.03 per
diluted share benefit related to the termination of the Company’s guarantee of a
senior secured loan, the benefit of the Company’s year-to-date share repurchases
and the Company’s intent to repurchase $2.4 billion in additional shares over
the remainder of the year.
On June 6 at 9 a.m.
ET, the Company will hold its Investor and Analyst Conference to update the
investment community on the long range outlook of the business. All
presentations will be webcast live at
ir.homedepot.com
in the Events & Presentations section.
The Home Depot will
conduct a conference call today at 9 a.m. ET to discuss information included in
this news release and related matters. The conference call will be available in
its entirety through a webcast and replay at earnings.homedepot.com.
At the end of the
first quarter, the Company operated a total of 2,254 retail stores in all 50
states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10
Canadian provinces, Mexico and China. The Company employs more than 300,000
associates. The Home Depot’s stock is traded on the New York Stock Exchange
(NYSE: HD) and is included in the Dow Jones industrial average and Standard &
Poor’s 500 index.
To provide clarity, internally and externally, about the Company’s
operating performance for recently completed fiscal periods, the Company
supplemented its reporting with non-GAAP financial measures to reflect the
impact of the benefit related to the termination of the Company’s guarantee of a
third-party senior secured loan. The Company believes that these non-GAAP
financial measures better enable management and investors to understand and
analyze the Company’s performance by providing them with meaningful information
relevant to events of unusual nature or frequency that impact the comparability
of underlying business results from period to period. However, this supplemental
information should not be considered in isolation or as a substitute for the
related GAAP measures. A reconciliation of the non-GAAP financial measures to
the comparable GAAP measures can be found attached to this press release and at
earnings.homedepot.com.
Certain statements contained herein constitute “forward-looking
statements” as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may relate to, among other things, the demand for our
products and services, net sales growth, comparable store sales, state of the
economy, state of the residential construction, housing and home improvement
markets, state of the credit markets, including mortgages, home equity loans and
consumer credit, inventory and in-stock positions, commodity price inflation and
deflation, implementation of store and supply chain initiatives, continuation of
reinvestment plans, net earnings performance, earnings per share, stock-based
compensation expense, capital allocation and expenditures, liquidity, the effect
of adopting certain accounting standards, return on invested capital, management
of our purchasing or customer credit policies, the effect of accounting charges,
the ability to issue debt on terms and at rates acceptable to us, store openings
and closures, expense leverage, guidance for fiscal 2012 and financial outlook.
Forward-looking statements are based on currently available information and our
current assumptions, expectations and projections about future events. You
should not rely on our forward-looking statements. These statements are not
guarantees of future performance and are subject to future events, risks and
uncertainties – many of which are beyond our control or are currently unknown to
us – as well as potentially inaccurate assumptions that could cause actual
results to differ materially from our expectations and projections. These risks
and uncertainties include but are not limited to those described in Item 1A,
“Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal
year ended January 29, 2012.
Forward-looking statements speak only as of the date they are made,
and we do not undertake to update these statements other than as required by
law. You are advised, however, to review any further disclosures we make on
related subjects in our periodic filings with the Securities and Exchange
Commission.
|
THE |
|||||||
|
|
|||||||
|
FOR |
|||||||
|
(Unaudited) |
|||||||
|
|
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
|
|
$ |
17,808 |
|
$ |
16,823 |
|
5.9% |
|
Cost of |
11,625 |
|
10,995 |
|
5.7 |
||
|
|
6,183 |
|
5,828 |
|
6.1 |
||
|
|
|
|
|
|
|
||
|
|
4,086 |
|
4,009 |
|
1.9 |
||
|
|
383 |
|
397 |
|
(3.5) |
||
|
Total |
4,469 |
|
4,406 |
|
1.4 |
||
|
|
1,714 |
|
1,422 |
|
20.5 |
||
|
|
|
|
|
|
|
||
|
|
(5) |
|
(2) |
|
150.0 |
||
|
|
156 |
|
141 |
|
10.6 |
||
|
Other |
(67) |
|
— |
|
N/A |
||
|
|
84 |
|
139 |
|
(39.6) |
||
|
|
1,630 |
|
1,283 |
|
27.0 |
||
|
|
595 |
|
471 |
|
26.3 |
||
|
|
|
|
|
|
|
||
|
|
$ |
1,035 |
|
$ |
812 |
|
27.5% |
|
|
|
|
|
|
|
||
|
|
1,522 |
|
1,599 |
|
(4.8)% |
||
|
|
$ |
0.68 |
|
$ |
0.51 |
|
33.3 |
|
|
|
|
|
|
|
||
|
Diluted |
1,531 |
|
1,611 |
|
(5.0)% |
||
|
|
$ |
0.68 |
|
$ |
0.50 |
|
36.0 |
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
|
|
||
|
Number |
328.9 |
|
316.5 |
|
3.9% |
||
|
Average |
$ |
54.51 |
|
$ |
53.35 |
|
2.2 |
|
|
$ |
612 |
|
$ |
578 |
|
5.9 |
|
Square |
236 |
|
235 |
|
0.4 |
||
|
Capital |
$ |
228 |
|
$ |
199 |
|
14.6 |
|
|
$ |
410 |
|
$ |
424 |
|
(3.3)% |
|
|
|
|
|
|
|
|
|
|
—————
(1)
N/A – |
|||||||
|
THE |
||||||||
|
|
||||||||
|
FOR |
||||||||
|
(Unaudited) |
||||||||
|
|
||||||||
|
|
|
|||||||
|
|
|
|||||||
|
|
|
|
|
|
As
|
|||
|
|
$ |
1,714 |
|
$ |
— |
|
$ |
1,714 |
|
|
84 |
|
(67) |
|
151 |
|||
|
Net |
$ |
1,035 |
|
$ |
43 |
|
$ |
992 |
|
Diluted |
$ |
0.68 |
|
$ |
0.03 |
|
$ |
0.65 |
|
|
|
|
|
|
|
|||
|
|
|
|||||||
|
|
|
|
|
|
As
|
|||
|
|
$ |
1,422 |
|
$ |
— |
|
$ |
1,422 |
|
|
139 |
|
— |
|
139 |
|||
|
Net |
$ |
812 |
|
$ |
— |
|
$ |
812 |
|
Diluted |
$ |
0.50 |
|
$ |
— |
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
————— |
||||||||
|
THE |
|||||||||||
|
|
|||||||||||
|
AS |
|||||||||||
|
(Unaudited) |
|||||||||||
|
|
|||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Cash |
$ |
3,191 |
|
|
$ |
1,806 |
|
|
$ |
1,987 |
|
|
|
1,519 |
|
|
1,456 |
|
|
1,245 |
|
|||
|
|
11,582 |
|
|
11,694 |
|
|
10,325 |
|
|||
|
Other |
1,060 |
|
|
1,205 |
|
|
963 |
|
|||
|
Total |
17,352 |
|
|
16,161 |
|
|
14,520 |
|
|||
|
|
24,371 |
|
|
24,993 |
|
|
24,448 |
|
|||
|
|
1,139 |
|
|
1,209 |
|
|
1,120 |
|
|||
|
Other |
438 |
|
|
434 |
|
|
430 |
|
|||
|
|
$ |
43,300 |
|
|
$ |
42,797 |
|
|
$ |
40,518 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
|
$ |
7,135 |
|
|
$ |
6,543 |
|
|
$ |
4,856 |
|
|
Accrued |
1,263 |
|
|
1,195 |
|
|
1,372 |
|
|||
|
Current |
33 |
|
|
43 |
|
|
30 |
|
|||
|
Other |
3,668 |
|
|
3,677 |
|
|
3,118 |
|
|||
|
Total |
12,099 |
|
|
11,458 |
|
|
9,376 |
|
|||
|
|
10,792 |
|
|
10,720 |
|
|
10,758 |
|
|||
|
Other |
2,434 |
|
|
2,421 |
|
|
2,486 |
|
|||
|
Total |
25,325 |
|
|
24,599 |
|
|
22,620 |
|
|||
|
Total |
17,975 |
|
|
18,198 |
|
|
17,898 |
|
|||
|
|
$ |
43,300 |
|
|
$ |
42,797 |
|
|
$ |
40,518 |
|
|
THE |
|||||
|
|
|||||
|
FOR |
|||||
|
(Unaudited) |
|||||
|
|
|||||
|
|
|||||
|
|
|
||||
|
|
|
||||
|
|
|
|
|
||
|
|
|
|
|
||
|
Net |
$ |
1,035 |
|
$ |
812 |
|
|
|
|
|
||
|
|
410 |
|
424 |
||
|
|
58 |
|
60 |
||
|
Changes |
987 |
|
802 |
||
|
Net |
2,490 |
|
2,098 |
||
|
|
|
|
|
||
|
Capital |
(228) |
|
(199) |
||
|
Other |
7 |
|
15 |
||
|
Net |
(221) |
|
(184) |
||
|
|
|
|
|
||
|
|
— |
|
1,994 |
||
|
|
(7) |
|
(1,007) |
||
|
|
(1,131) |
|
(1,301) |
||
|
|
412 |
|
34 |
||
|
Cash |
(444) |
|
(403) |
||
|
Other |
87 |
|
19 |
||
|
Net |
(1,083) |
|
(664) |
||
|
Change |
1,186 |
|
1,250 |
||
|
Effect |
18 |
|
11 |
||
|
Cash |
1,987 |
|
545 |
||
|
Cash |
$ |
3,191 |
|
$ |
1,806 |
SOURCE The Home Depot
