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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (54566)	8/20/2002 9:51:06 PM
From: Dealer	Read Replies (1) of 65232

HD--Home Depot (nyse: HD - news - people ) Chairman Robert Nardelli unveiled a sharper-than-expected 28% increase in quarterly earnings as the world's largest home improvement retailer reported earnings of $1.18 billion, compared to second quarter earnings of $924 million a year ago. Nardelli reviewed changes Home Depot has made to enhance performance, such as centralizing purchasing, during a conference call. He also said the retailer was revamping some departments while eliminating "unexciting" items. The changes show "our resolve in the area of continuing to be the No. 1 supplier in home improvement," Nardelli said. Second-quarter sales rose 12% to $16.3 billion, but same-store sales rose just 1%, trailing Home Depot's forecast for a rise of 2% to 4%. By contrast, Lowe's (nyse: LOW - news - people ) posted a 6.8% rise in same-store sales, and also reported a 42% rise in second-quarter profit. Both companies have benefiting from a housing market energized by low U.S. mortgage rates. More...

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