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Atlanta-based Home Depot last week said that it expects to deliver fiscal year 2004 sales growth of between 9 to 12 percent and earnings growth of between 10 to 14 percent, excluding the estimated impact of EITF 02-16. Comparable store sales for fiscal 2004 are expected to increase 3 to 6 percent.
In addition, the company laid out its capital spending plan of $3.7 billion for fiscal 2004, including investments in store modernization and maintenance, technology and the addition of 175 new stores.
Home Depot has rental departments in about 770 stores and vice president of pro business and tool rental Joe Dixon recently told RER the company plans to open about 200 more rental departments in 2004.
“The Home Depot is creating dynamic stores through our offering of innovative and distinctive products, store modernization efforts and investments in technology and store associates,” said Bob Nardelli, chairman, president and CEO. “Beyond enhancing our stores, our growth strategy is built around extending the business through such efforts as At-Home Services, tool rental centers and the homedepot.com Web site. We are also expanding our business into new market segments like HD Supply and our government business, as well as adding stores in the Canadian and Mexican markets.”
In an effort to improve appeal to customers, all stores will be getting new lighting, paint schemes, new floor finishes and signing packages within three years, said John Costello, executive vice president of merchandising and marketing.
The company plans to add 14 Home Depot stores in Canada and nine in Mexico. Home Depot employs approximately 315,000 associates and has 1,695 stores in 50 states, the District of Columbia, Puerto Rico, eight Canadian provinces and Mexico. Home Depot Rentals is No. 8 on the RER 100.
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