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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (15834)11/20/2002 1:46:27 PM
From: Bob Rudd  Read Replies (1) of 78652
 
Wallace - <<HD - wasn't the whole point of HD that there is no customer service? (partly serious question). I assumed that it's "you know what you want, you know how to do it, you get the stuff and get the h*** out of there" store. Otherwise, you might as well call someone to do home improvement for you>>No that wasn't the concept. They initially positioned not only as source of product but helping DIYer's by hiring ex-contractors and knowledgeable personnel to be able to help people with projects. They even held in store seminars on various projects. Unfortunately, as the growth from new store openings has dried up, They've tried to maintain eps growth by constraining SG&A...cutting staff in store, so that in many areas the service sucks. This drives DIYer's needing guidance back to traditional hardware stores and home centers.
The growth has slowed as they continued to open new stores, of the same size even, in ever smaller locations - the low hanging fruit in attractive markets has been picked. Also Lowes has come into HD markets where there had been only weak local competitors. Expectations of 15 to 18% going forward just don't seem realistic based on this.
I've traded HD profitably a couple of times, but have no current position and don't find it attractive at current levels.
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