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Home Depot announces third quarter 2006 results
15 Nov '06
3 min read
The Company is investing an additional $350 million in the second half of the year in support of these programs, demonstrating a significant commitment to its retail operations.
"We will continue to use our strong balance sheet to reinvest in our retail stores and return value to our shareholders," said Carol Tome, Executive Vice President and CFO.
"Our disciplined approach to capital allocation resulted in a return on invested capital of 22.3 percent, up 50 basis points from the third quarter of fiscal 2005."
In the third quarter, the Company repurchased 24 million shares. Since its share repurchase program began in 2002, the Company has repurchased 372 million, or approximately 16 percent, of its outstanding shares and spent $13.3 billion under its $17.5 billion authorization.
Extending the Business
During the quarter, the Company opened 26 new stores, including one relocation, with two new stores in Canada and one new store in Mexico, bringing the total store count to 2,104.
As of the end of the quarter, approximately 10 percent of the Company's store base was in Canada and Mexico, as compared to 8.9 percent for the same period last year. As in the United States, the Company continues to be the market leader in Canada and Mexico.
The Company's retail Home Services business grew sales by 11.3 percent to $1 billion in the third quarter of fiscal 2006. Categories such as countertops, HVAC and exterior patio reported solid growth.
"We will continue to use our strong balance sheet to reinvest in our retail stores and return value to our shareholders," said Carol Tome, Executive Vice President and CFO.
"Our disciplined approach to capital allocation resulted in a return on invested capital of 22.3 percent, up 50 basis points from the third quarter of fiscal 2005."
In the third quarter, the Company repurchased 24 million shares. Since its share repurchase program began in 2002, the Company has repurchased 372 million, or approximately 16 percent, of its outstanding shares and spent $13.3 billion under its $17.5 billion authorization.
Extending the Business
During the quarter, the Company opened 26 new stores, including one relocation, with two new stores in Canada and one new store in Mexico, bringing the total store count to 2,104.
As of the end of the quarter, approximately 10 percent of the Company's store base was in Canada and Mexico, as compared to 8.9 percent for the same period last year. As in the United States, the Company continues to be the market leader in Canada and Mexico.
The Company's retail Home Services business grew sales by 11.3 percent to $1 billion in the third quarter of fiscal 2006. Categories such as countertops, HVAC and exterior patio reported solid growth.
The Home Depot
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