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THE HOME DEPOT ANNOUNCES FOURTH QUARTER AND FISCAL 2009 RESULTS;
Declares Dividend Increase and Provides Fiscal 2010 Outlook
ATLANTA, Feb 23, 2010 -- The Home Depot®, the worlds largest home improvement retailer, today reported sales for the fourth quarter of fiscal 2009 of $14.6 billion, a 0.3 percent decrease from the fourth quarter of fiscal 2008. Total company comparable store sales for the fourth quarter grew 1.2 percent. Comparable store sales for U.S. stores were negative 1.1 percent.
Earnings per diluted share from continuing operations for the fourth quarter were $0.18, compared to earnings per diluted share from continuing operations of $0.00 in the fourth quarter of fiscal 2008. Fourth quarter 2009 earnings per diluted share from continuing operations reflect a $163 million pre-tax write-down of the Companys investment in HD Supply.
Excluding the write-down of the Companys investment in HD Supply, earnings from continuing operations were $402 million for the fourth quarter of fiscal 2009, an increase of 22.9 percent from adjusted earnings from continuing operations of $327 million in the fourth quarter of fiscal 2008. On an adjusted basis, earnings per diluted share from continuing operations were $0.24 for the fourth quarter of fiscal 2009, an increase of 26.3 percent from the same period in 2008.
Fiscal 2009 fourth quarter consolidated net earnings were $342 million, or $0.20 per diluted share, compared with a net loss of $54 million, or a $0.03 loss per diluted share, for the same period in fiscal 2008. Consolidated net earnings include $41 million of earnings from discontinued operations arising from the Companys working capital settlement agreement with HD Supply.
Sales for fiscal 2009 were $66.2 billion, a decline of 7.2 percent from fiscal 2008. Total company comparable store sales for the year declined 6.6 percent, and comps for U.S. stores were negative 6.2 percent for the year.
Earnings per diluted share from continuing operations in fiscal 2009 were $1.55, compared to $1.37 per diluted share from continuing operations in fiscal 2008, an increase of 13.1 percent. Excluding strategic charges recorded earlier in the year and the write-down of the Companys investment in HD Supply, adjusted earnings per diluted share from continuing operations for fiscal 2009 were $1.66. (Editors Note: See attached chart for full explanation of charges.)
For fiscal 2009, consolidated net earnings per diluted share increased 17.2 percent to $1.57 on consolidated net earnings of $2.7 billion, compared to consolidated earnings per diluted share of $1.34 on net earnings of $2.3 billion in fiscal 2008.
The following information was filed by Home Depot Inc (HD) on Tuesday, February 23, 2010 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.
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