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Home Depot beats forecast
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November 16, 1999: 8:39 a.m. ET
Record 3Q earnings attributed to more sales, customers buying more
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NEW YORK (CNNfn) - Retailer Home Depot Inc., one of the new components of the Dow Jones industrial average, reported record fiscal third quarter earnings Tuesday, exceeding estimates for the period.
For the quarter ended Oct. 31, the Atlanta-based hardware giant had net income of $573 million, or 37 cents a diluted share. Analysts surveyed by First Call had been looking for 35 cents a share in the period. The profit is a 46 percent improvement from the $392 million, or 26 cents a share, it earned a year earlier.
The company said the gain was due to cost management and strong sales for the quarter, driven by a 20 percent increase in customer transactions and a 7 percent increase in the average sale per transaction.
Total sales were up 28 percent to $9.88 billion in the quarter, and same-store sales increased a strong 10 percent for the period.
For the first nine months of its fiscal year, the company had net income of $1.7 billion, or $1.13 a diluted share, compared with $1.2 billion, or 79 cents a share, a year earlier. Revenue for the company rose to $29.26 billion for the nine months from $22.96 billion a year earlier.
The nation's largest home improvement retailer displaced Sears, Roebuck & Co. as a component of the much-watched Dow Jones industrial average on Nov. 1.
Home Depot's stock closed Monday at 78-3/4, down 1-11/16, or 2.1 percent, from Friday's close.
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Home Depot Inc.
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