Delaware | 1-8207 | 95-3261426 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit | Description | |
99.1 | Press Release of The Home Depot, Inc. |
THE HOME DEPOT, INC. | ||
By: | /s/ Carol B. Tomé | |
Name: | Carol B. Tomé | |
Title: | Chief Financial Officer and Executive Vice President – Corporate Services |
Exhibit | Description | |
99.1 | Press Release of The Home Depot, Inc. |
• | The Company’s targeted dividend payout ratio will be increased from 50 percent to 55 percent of net earnings; |
• | The board of directors declared a 29 percent increase in the quarterly dividend to $0.89 per share. The dividend is payable on March 23, 2017, to shareholders of record on the close of |
• | The board of directors has authorized a $15.0 billion share repurchase program, replacing its previous authorization. Since 2002 and through January 29, 2017, the Company has returned more than $67 billion of cash to shareholders through repurchases, repurchasing approximately 1.3 billion shares. |
• | Sales growth of approximately 4.6 percent |
• | Comparable store sales growth of approximately 4.6 percent |
• | Six new stores |
• | Gross margin decrease of approximately 15 basis points |
• | Operating margin expansion of approximately 30 basis points |
• | Tax rate of approximately 36.3 percent |
• | Share repurchases of approximately $5.0 billion |
• | Diluted earnings-per-share growth after anticipated share repurchases of approximately 10.5 percent, or $7.13 |
• | Capital spending of approximately $2.0 billion |
• | Depreciation and amortization expense of approximately $2.0 billion |
• | Cash flow from the business of approximately $11.3 billion |
For more information, contact: | ||
Financial Community | News Media | |
Diane Dayhoff | Stephen Holmes | |
Vice President of Investor Relations | Director of Corporate Communications | |
770-384-2666 | 770-384-5075 | |
diane_dayhoff@homedepot.com | stephen_holmes@homedepot.com | |
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||
January 29, 2017 | January 31, 2016 | % Increase (Decrease) | January 29, 2017 | January 31, 2016 | % Increase (Decrease) | ||||||||||||||||
NET SALES | $ | 22,207 | $ | 20,980 | 5.8 | % | $ | 94,595 | $ | 88,519 | 6.9 | % | |||||||||
Cost of Sales | 14,654 | 13,824 | 6.0 | 62,282 | 58,254 | 6.9 | |||||||||||||||
GROSS PROFIT | 7,553 | 7,156 | 5.5 | 32,313 | 30,265 | 6.8 | |||||||||||||||
Operating Expenses: | |||||||||||||||||||||
Selling, General and Administrative | 4,183 | 4,178 | 0.1 | 17,132 | 16,801 | 2.0 | |||||||||||||||
Depreciation and Amortization | 443 | 429 | 3.3 | 1,754 | 1,690 | 3.8 | |||||||||||||||
Total Operating Expenses | 4,626 | 4,607 | 0.4 | 18,886 | 18,491 | 2.1 | |||||||||||||||
OPERATING INCOME | 2,927 | 2,549 | 14.8 | 13,427 | 11,774 | 14.0 | |||||||||||||||
Interest and Other (Income) Expense: | |||||||||||||||||||||
Interest and Investment Income | (11 | ) | (6 | ) | 83.3 | (36 | ) | (166 | ) | (78.3 | ) | ||||||||||
Interest Expense | 246 | 242 | 1.7 | 972 | 919 | 5.8 | |||||||||||||||
Interest and Other, net | 235 | 236 | (0.4 | ) | 936 | 753 | 24.3 | ||||||||||||||
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 2,692 | 2,313 | 16.4 | 12,491 | 11,021 | 13.3 | |||||||||||||||
Provision for Income Taxes | 948 | 842 | 12.6 | 4,534 | 4,012 | 13.0 | |||||||||||||||
NET EARNINGS | $ | 1,744 | $ | 1,471 | 18.6 | % | $ | 7,957 | $ | 7,009 | 13.5 | % | |||||||||
Weighted Average Common Shares | 1,206 | 1,252 | (3.7 | )% | 1,229 | 1,277 | (3.8 | )% | |||||||||||||
BASIC EARNINGS PER SHARE | $ | 1.45 | $ | 1.17 | 23.9 | $ | 6.47 | $ | 5.49 | 17.9 | |||||||||||
Diluted Weighted Average Common Shares | 1,211 | 1,259 | (3.8 | )% | 1,234 | 1,283 | (3.8 | )% | |||||||||||||
DILUTED EARNINGS PER SHARE | $ | 1.44 | $ | 1.17 | 23.1 | $ | 6.45 | $ | 5.46 | 18.1 | |||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||||||||
SELECTED SALES DATA(1) | January 29, 2017 | January 31, 2016 | % Increase (Decrease) | January 29, 2017 | January 31, 2016 | % Increase (Decrease) | |||||||||||||||
Number of Customer Transactions | 359.2 | 349.1 | 2.9 | % | 1,544.0 | 1,500.8 | 2.9 | % | |||||||||||||
Average Ticket (actual) | $ | 60.65 | $ | 58.96 | 2.9 | $ | 60.35 | $ | 58.77 | 2.7 | |||||||||||
Sales per Square Foot (actual) | $ | 366.25 | $ | 346.55 | 5.7 | $ | 390.78 | $ | 370.55 | 5.5 |
(1) | Selected Sales Data does not include results for Interline, which was acquired in the third quarter of fiscal 2015. |
January 29, 2017 | January 31, 2016 (1) | ||||||
ASSETS | |||||||
Cash and Cash Equivalents | $ | 2,538 | $ | 2,216 | |||
Receivables, net | 2,029 | 1,890 | |||||
Merchandise Inventories | 12,549 | 11,809 | |||||
Other Current Assets | 608 | 569 | |||||
Total Current Assets | 17,724 | 16,484 | |||||
Property and Equipment, net | 21,914 | 22,191 | |||||
Goodwill | 2,093 | 2,102 | |||||
Other Assets | 1,235 | 1,196 | |||||
TOTAL ASSETS | $ | 42,966 | $ | 41,973 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Short-Term Debt | $ | 710 | $ | 350 | |||
Accounts Payable | 7,000 | 6,565 | |||||
Accrued Salaries and Related Expenses | 1,484 | 1,515 | |||||
Current Installments of Long-Term Debt | 542 | 77 | |||||
Other Current Liabilities | 4,397 | 4,017 | |||||
Total Current Liabilities | 14,133 | 12,524 | |||||
Long-Term Debt, excluding current installments | 22,349 | 20,789 | |||||
Other Long-Term Liabilities | 2,151 | 2,344 | |||||
Total Liabilities | 38,633 | 35,657 | |||||
Total Stockholders' Equity | 4,333 | 6,316 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 42,966 | $ | 41,973 |
(1) | The Consolidated Balance Sheet as of January 31, 2016 was retrospectively adjusted to reflect the adoption of Accounting Standards Update ("ASU") No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” and ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” in the first quarter of fiscal 2016. |
Fiscal Year Ended | |||||||
January 29, 2017 | January 31, 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net Earnings | $ | 7,957 | $ | 7,009 | |||
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities: | |||||||
Depreciation and Amortization | 1,973 | 1,863 | |||||
Stock-Based Compensation Expense | 267 | 244 | |||||
Gain on Sales of Investments | — | (144 | ) | ||||
Changes in Working Capital and Other | (414 | ) | 401 | ||||
Net Cash Provided by Operating Activities | 9,783 | 9,373 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital Expenditures | (1,621 | ) | (1,503 | ) | |||
Proceeds from Sales of Investments | — | 144 | |||||
Payments for Businesses Acquired, net | — | (1,666 | ) | ||||
Proceeds from Sales of Property and Equipment | 38 | 43 | |||||
Net Cash Used in Investing Activities | (1,583 | ) | (2,982 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from Short-Term Borrowings, net | 360 | 60 | |||||
Proceeds from Long-Term Borrowings, net of discounts | 4,959 | 3,991 | |||||
Repayments of Long-Term Debt | (3,045 | ) | (39 | ) | |||
Repurchases of Common Stock | (6,880 | ) | (7,000 | ) | |||
Proceeds from Sales of Common Stock | 218 | 228 | |||||
Cash Dividends Paid to Stockholders | (3,404 | ) | (3,031 | ) | |||
Other Financing Activities | (78 | ) | 4 | ||||
Net Cash Used in Financing Activities | (7,870 | ) | (5,787 | ) | |||
Change in Cash and Cash Equivalents | 330 | 604 | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (8 | ) | (111 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 2,216 | 1,723 | |||||
Cash and Cash Equivalents at End of Period | $ | 2,538 | $ | 2,216 |
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