Record earnings, but deficit in comparable terms

Home Depot has ended the first quarter (to 4 May 2003) of the current financial year with falling comparable store sales. Whereas the global market leader recorded overall volume sales of $ 15.1 bn (€ 12.9 bn), or 5.8 per cent more than over the same period last year, comparable store sales showed a deficit of 1.6 per cent. Earnings reached a record level of $ 907 mio (€ 775 mio), an increase of 6.0 per cent. Bob Nardelli, chairman, president and chief executive officer, attributes this development to the introduction of new products, increased inventory levels and a nationwide marketing campaign.