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Non-Tech : Home Depot (HD)

HD 371.10

+0.6%

Nov 7 9:30 AM EST

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To: freeus who wrote (770)	9/10/1999 4:22:00 PM
From: Sarkie	Read Replies (1) of 1169

Home Depot, Lowe's benefit from Hechinger closings NEW YORK, Sept 10 (Reuters) - Shares of Home Depot Inc. (NYSE: HD) and Lowe's Cos. Inc. (NYSE: LOW) continued to rise on Friday after Hechinger Co. announced plans to liquidate. Home Depot shares rose 1-13/16 to 68, while Lowe's gained 1-5/8 to 46-1/4. "Everytime a large competitor exits that means Home Depot and Lowe's will pick up sales," U.S. Bancorp Piper Jaffray analyst Rebecca Yarchover said. On Thursday Hechinger announced plans to close the remaining 117 stores. When the fourth largest home improvement retailer had 244 stores in 1998, it generated $3.44 billion in sales. About 60 percent of the Hechinger stores are located in areas close to a Home Depot and about 33 percent of the Hechinger stores compete against a Lowe's, Yarchover said. There could be a "very short-term disruption" in sales at the two giants as Hechinger tries to clear out inventory. "The merchandise that's worth anything goes in a few weeks and the rest of the stuff sticks around for a while," Yarchover said. Yarchover said the liquidation sales should not have a material effect on Home Depot and Lowe's, based on the experience of Hechinger's store-closings earlier this year. All Headlines Additional Headlines

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