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Home Depot affirms guidance
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January 14, 2002: 12:50 p.m. ET
Home improvement retailer says it's comfortable with 4Q estimates.
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NEW YORK (CNN/Money) - Home improvement retailer Home Depot said Monday it remains comfortable with earnings guidance for its fiscal fourth quarter as it plans to consolidate two of its nine offices to form a new division for the Southeastern United States and the Caribbean.
Analysts surveyed by tracking firm First Call expect Home Depot (HD: down $1.05 to $49.41, Research, Estimates) to earn 28 cents a share in the period.
Officials also said they will combine the Atlanta-based Midsouth division and Tampa, Fla.-based Southern division to form the new Southeast division, to be based in Atlanta.
"This consolidation is an opportunity for Home Depot to better leverage operating efficiencies as we continue to grow our business," Chairman, President and CEO Bob Nardelli said.
The new office will be run by Tom Taylor, former head of the company's professional business unit and a 19-year Home Depot veteran, and will service about 260 store locations.
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In November, Home Depot told analysts at its annual conference that it expects to open 200 new stores and add 40,000 employees in the next year. 
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