The Home Depot Announces Fourth Quarter And Fiscal 2016 Results;
Updates Targeted Dividend Payout Policy;
Increases Quarterly Dividend By 29 Percent;
Announces $15 Billion Share Repurchase Authorization;
Provides Fiscal 2017 Guidance
ATLANTA, February 21, 2017 -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $22.2 billion for the fourth quarter of fiscal 2016, a 5.8 percent increase from the fourth quarter of fiscal 2015. Comparable store sales for the fourth quarter of fiscal 2016 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.3 percent.
Net earnings for the fourth quarter of fiscal 2016 were $1.7 billion, or $1.44 per diluted share, compared with net earnings of $1.5 billion, or $1.17 per diluted share, in the same period of fiscal 2015. For the fourth quarter of fiscal 2016, diluted earnings per share increased 23.1 percent from the same period in the prior year.
Sales for fiscal 2016 were $94.6 billion, an increase of 6.9 percent from fiscal 2015. Total company comparable store sales for fiscal 2016 increased 5.6 percent, and comp sales for U.S. stores were positive 6.2 percent for the year.
Earnings per diluted share in fiscal 2016 were $6.45, compared to $5.46 per diluted share in fiscal 2015, an increase of 18.1 percent.
“Our focus on providing localized and innovative product selection, improving the interconnected customer experience, and driving productivity resulted in record sales and net earnings for 2016,” said Craig Menear, chairman, CEO and president. “Our associates responded to a healthy housing market and strong customer demand, and I’d like to thank them for their execution, hard work and continued dedication to our customers.”
Capital Allocation Strategy
As a reflection of the progress on the Company’s strategic initiatives, and commitment to creating shareholder value, today the Company made the following announcements:
The Company’s targeted dividend payout ratio will be increased from 50 percent to 55 percent of net earnings;
The board of directors declared a 29 percent increase in the quarterly dividend to $0.89 per share. The dividend is payable on March 23, 2017, to shareholders of record on the close of
The following information was filed by Home Depot Inc (HD) on Tuesday, February 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.