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Home Depot sees growth
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November 30, 2001: 9:02 a.m. ET
Retailer on track to hit or top 4Q targets and internal goals through '04.
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NEW YORK (CNN/Money) - Home Depot Inc. said Friday it is on track to meet Wall Street expectations in the fourth quarter as well as internal growth targets through 2004.
The Atlanta-based home improvement and hardware retailer, the nation's second-largest retailer in terms of revenue, said it should earn 28 cents a share in the fiscal fourth quarter, which ends in January, in line with forecasts from earnings tracker First Call.
The company said it also expects earnings and earnings per share growth of 18 to 20 percent through 2004. That would put fiscal 2003 EPS at $1.50 to $1.52, just above the current First Call forecast of $1.49.
The Atlanta-based company also said it sees full-year revenue this year approaching $53 billion, which would put fourth-quarter revenue at nearly $13 million. First Call's forecast for the period calls puts revenue at $12.2 billion.
The company also sees revenue growth of 15 to 18 percent through fiscal 2004, which it said would put it on track for sales of $100 billion by fiscal 2005. That growth likely would put sales next fiscal year at about $60.9 billion to $62 billion, which would top the current First Call forecast of $60.2 billion for next year.
Home Depot says it expects the home improvement market as a whole to grow at only 3 percent in the period, and its business models call for industry sales to fluctuate between flat and 19 percent growth during the period.
Shares of Home Depot (HD: up $0.22 to $44.02, Research, Estimates) (HD), a component of the Dow Jones industrial average, gained 22 cents to $44.02 Thursday. 
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