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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Home Depot Inc | NYSE:HD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.26 | 0.08% | 340.76 | 1,636 | 13:18:26 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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95-3261426
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification Number)
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2455 Paces Ferry Road, Atlanta, Georgia
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30339
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Emerging growth company
¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
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amounts in millions, except share and per share data
|
April 30,
2017 |
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January 29,
2017 |
||||
ASSETS
|
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|
||||
Current Assets:
|
|
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|
||||
Cash and Cash Equivalents
|
$
|
3,565
|
|
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$
|
2,538
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Receivables, net
|
2,164
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|
|
2,029
|
|
||
Merchandise Inventories
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13,609
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12,549
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Other Current Assets
|
558
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608
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Total Current Assets
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19,896
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|
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17,724
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Property and Equipment, at cost
|
40,656
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40,426
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Less Accumulated Depreciation and Amortization
|
18,867
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18,512
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Net Property and Equipment
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21,789
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21,914
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Goodwill
|
2,095
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2,093
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Other Assets
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1,164
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1,235
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Total Assets
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$
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44,944
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$
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42,966
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|
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||||
Current Liabilities:
|
|
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|
||||
Short-Term Debt
|
$
|
—
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$
|
710
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Accounts Payable
|
9,138
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|
|
7,000
|
|
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Accrued Salaries and Related Expenses
|
1,353
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|
|
1,484
|
|
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Sales Taxes Payable
|
710
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|
508
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Deferred Revenue
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1,832
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|
|
1,669
|
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Income Taxes Payable
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904
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25
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|
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Current Installments of Long-Term Debt
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544
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542
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Other Accrued Expenses
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1,957
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|
|
2,195
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Total Current Liabilities
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16,438
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14,133
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Long-Term Debt, excluding current installments
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22,393
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22,349
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Other Long-Term Liabilities
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1,916
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1,855
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Deferred Income Taxes
|
235
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|
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296
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Total Liabilities
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40,982
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38,633
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STOCKHOLDERS’ EQUITY
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Common Stock, par value $0.05; authorized: 10 billion shares; issued: 1.778 billion shares at April 30, 2017 and 1.776 billion shares at January 29, 2017; outstanding: 1.197 billion shares at April 30, 2017 and 1.203 billion shares at January 29, 2017
|
89
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88
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Paid-In Capital
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9,779
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9,787
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Retained Earnings
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36,461
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35,519
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Accumulated Other Comprehensive Loss
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(923
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)
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(867
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)
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Treasury Stock, at cost, 581 million shares at April 30, 2017 and 573 million shares at January 29, 2017
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(41,444
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)
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(40,194
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)
|
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Total Stockholders’ Equity
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3,962
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4,333
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Total Liabilities and Stockholders’ Equity
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$
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44,944
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$
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42,966
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Three Months Ended
|
||||||
amounts in millions, except per share data
|
April 30,
2017 |
|
May 1,
2016 |
||||
NET SALES
|
$
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23,887
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$
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22,762
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Cost of Sales
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15,733
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14,971
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GROSS PROFIT
|
8,154
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7,791
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Operating Expenses:
|
|
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Selling, General and Administrative
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4,361
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4,281
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Depreciation and Amortization
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444
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433
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Total Operating Expenses
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4,805
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4,714
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OPERATING INCOME
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3,349
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3,077
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Interest and Other (Income) Expense:
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Interest and Investment Income
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(13
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)
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(7
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)
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Interest Expense
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254
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244
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Interest and Other, net
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241
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237
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EARNINGS BEFORE PROVISION FOR
INCOME TAXES
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3,108
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2,840
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Provision for Income Taxes
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1,094
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1,037
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NET EARNINGS
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$
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2,014
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$
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1,803
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Basic Weighted Average Common Shares
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1,198
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1,247
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BASIC EARNINGS PER SHARE
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$
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1.68
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$
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1.45
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Diluted Weighted Average Common Shares
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1,204
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1,252
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DILUTED EARNINGS PER SHARE
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$
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1.67
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$
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1.44
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Dividends Declared per Share
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$
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0.89
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$
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0.69
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Three Months Ended
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||||||
amounts in millions
|
April 30,
2017 |
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May 1,
2016 |
||||
Net Earnings
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$
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2,014
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$
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1,803
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Other Comprehensive (Loss) Income:
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||||
Foreign Currency Translation Adjustments
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(30
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)
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309
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Cash Flow Hedges, net of tax
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(25
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)
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11
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Other
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(1
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)
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—
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Total Other Comprehensive (Loss) Income
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(56
|
)
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|
320
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COMPREHENSIVE INCOME
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$
|
1,958
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$
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2,123
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Three Months Ended
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||||||
amounts in millions
|
April 30,
2017 |
|
May 1,
2016 |
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net Earnings
|
$
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2,014
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$
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1,803
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Reconciliation of Net Earnings to Net Cash Provided by Operating Activities:
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||||
Depreciation and Amortization
|
505
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486
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Stock-Based Compensation Expense
|
81
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72
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Changes in Assets and Liabilities:
|
|
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||||
Receivables, net
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(145
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)
|
|
(57
|
)
|
||
Merchandise Inventories
|
(1,051
|
)
|
|
(1,319
|
)
|
||
Other Current Assets
|
51
|
|
|
44
|
|
||
Accounts Payable and Accrued Expenses
|
2,062
|
|
|
1,828
|
|
||
Deferred Revenue
|
166
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|
|
30
|
|
||
Income Taxes Payable
|
877
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|
|
844
|
|
||
Deferred Income Taxes
|
(65
|
)
|
|
(78
|
)
|
||
Other
|
69
|
|
|
(17
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)
|
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Net Cash Provided by Operating Activities
|
4,564
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|
|
3,636
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CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Capital Expenditures
|
(458
|
)
|
|
(325
|
)
|
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Proceeds from Sales of Property and Equipment
|
13
|
|
|
4
|
|
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Net Cash Used in Investing Activities
|
(445
|
)
|
|
(321
|
)
|
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CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
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|
||||
Repayments of Short-Term Debt, net
|
(710
|
)
|
|
(350
|
)
|
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Proceeds from Long-Term Debt, net of discounts
|
—
|
|
|
2,989
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|
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Repayments of Long-Term Debt
|
(11
|
)
|
|
(3,012
|
)
|
||
Repurchases of Common Stock
|
(1,289
|
)
|
|
(1,157
|
)
|
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Proceeds from Sales of Common Stock
|
31
|
|
|
29
|
|
||
Cash Dividends Paid to Stockholders
|
(1,069
|
)
|
|
(862
|
)
|
||
Other Financing Activities
|
(33
|
)
|
|
25
|
|
||
Net Cash Used in Financing Activities
|
(3,081
|
)
|
|
(2,338
|
)
|
||
Change in Cash and Cash Equivalents
|
1,038
|
|
|
977
|
|
||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(11
|
)
|
|
64
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
2,538
|
|
|
2,216
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
3,565
|
|
|
$
|
3,257
|
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1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
|
3.
|
FAIR VALUE MEASUREMENTS
|
|
Fair Value at April 30, 2017 Using
|
|
Fair Value at January 29, 2017 Using
|
||||||||||||||||||||
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
Derivative agreements - assets
|
$
|
—
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
271
|
|
|
$
|
—
|
|
|
April 30, 2017
|
|
January 29, 2017
|
||||||||||||
|
Fair Value
(Level 1)
|
|
Carrying
Value
|
|
Fair Value
(Level 1)
|
|
Carrying
Value
|
||||||||
Senior notes
|
$
|
24.0
|
|
|
$
|
22.0
|
|
|
$
|
23.6
|
|
|
$
|
22.0
|
|
4.
|
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES
|
|
Three Months Ended
|
||||
|
April 30,
2017 |
|
May 1,
2016 |
||
Basic Weighted Average Common Shares
|
1,198
|
|
|
1,247
|
|
Effect of potentially dilutive securities - stock plans
|
6
|
|
|
5
|
|
Diluted Weighted Average Common Shares
|
1,204
|
|
|
1,252
|
|
Effect of anti-dilutive securities excluded from diluted weighted average common shares
|
1
|
|
|
1
|
|
5.
|
COMMITMENTS AND CONTINGENCIES
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
% of Net Sales
|
|
||||||||
|
Three Months Ended
|
|
|
|||||||
|
April 30, 2017
|
|
May 1, 2016
|
|
% Increase (Decrease)
in Dollar Amounts
|
|||||
NET SALES
|
100.0
|
%
|
|
100.0
|
%
|
|
4.9
|
%
|
||
GROSS PROFIT
|
34.1
|
|
|
34.2
|
|
|
4.7
|
|
||
Operating Expenses:
|
|
|
|
|
|
|||||
Selling, General and Administrative
|
18.3
|
|
|
18.8
|
|
|
1.9
|
|
||
Depreciation and Amortization
|
1.9
|
|
|
1.9
|
|
|
2.5
|
|
||
Total Operating Expenses
|
20.1
|
|
|
20.7
|
|
|
1.9
|
|
||
|
|
|
|
|
|
|||||
OPERATING INCOME
|
14.0
|
|
|
13.5
|
|
|
8.8
|
|
||
Interest and Other (Income) Expense:
|
|
|
|
|
|
|||||
Interest and Investment Income
|
(0.1
|
)
|
|
—
|
|
|
85.7
|
|
||
Interest Expense
|
1.1
|
|
|
1.1
|
|
|
4.1
|
|
||
Interest and Other, net
|
1.0
|
|
|
1.0
|
|
|
1.7
|
|
||
|
|
|
|
|
|
|||||
EARNINGS BEFORE PROVISION FOR INCOME TAXES
|
13.0
|
|
|
12.5
|
|
|
9.4
|
|
||
Provision for Income Taxes
|
4.6
|
|
|
4.6
|
|
|
5.5
|
|
||
NET EARNINGS
|
8.4
|
%
|
|
7.9
|
%
|
|
11.7
|
%
|
||
SELECTED SALES DATA
(1)
|
|
|
|
|
|
|||||
Number of Customer Transactions
(in millions)
|
380.8
|
|
|
374.8
|
|
|
1.6
|
%
|
||
Average Ticket
|
$
|
62.39
|
|
|
$
|
60.03
|
|
|
3.9
|
%
|
Sales per Square Foot
|
$
|
394.17
|
|
|
$
|
376.73
|
|
|
4.6
|
%
|
Comparable Store Sales Increase (%)
(2)
|
5.5
|
%
|
|
6.5
|
%
|
|
N/A
|
|
||
Online Sales (% of Net Sales)
(3)
|
6.6
|
%
|
|
5.7
|
%
|
|
22.8
|
%
|
(1)
|
Selected Sales Data does not include results for Interline, which was acquired in the third quarter of fiscal 2015.
|
(2)
|
Includes sales at locations open greater than 12 months, including relocated and remodeled stores and online sales, and excluding closed stores. Retail stores become comparable on the Monday following their 365
th
day of operation. Comparable store sales is intended only as supplemental information and is not a substitute for Net Sales or Net Earnings presented in accordance with U.S. generally accepted accounting principles.
|
(3)
|
Consists of sales generated online through our websites for products picked up in stores or delivered to customer locations.
|
|
|
For the Twelve Months Ended
|
||||||
|
|
April 30,
2017 |
|
May 1,
2016 |
||||
Net Earnings
|
|
$
|
8,168
|
|
|
$
|
7,233
|
|
Add:
|
|
|
|
|
||||
Interest and Other, net
|
|
940
|
|
|
797
|
|
||
Provision for Income Taxes
|
|
4,591
|
|
|
4,224
|
|
||
Operating Income
|
|
13,699
|
|
|
12,254
|
|
||
Subtract:
|
|
|
|
|
||||
Income Tax Adjustment
(1)
|
|
4,936
|
|
|
4,464
|
|
||
Net Operating Profit After Tax
|
|
$
|
8,763
|
|
|
$
|
7,790
|
|
|
|
|
|
|
||||
Average Debt and Equity
(2)
|
|
$
|
27,091
|
|
|
$
|
26,639
|
|
|
|
|
|
|
||||
Return on Invested Capital (NOPAT / Average Debt and Equity)
|
|
32.3
|
%
|
|
29.2
|
%
|
(1)
|
Income Tax Adjustment is defined as Operating Income multiplied by the Company's effective tax rate.
|
(2)
|
Average Debt and Equity is defined as the average of beginning and ending long-term debt, including current installments, and equity for the most recent twelve-month period.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
1.
|
During the
first
quarter of fiscal
2017
, the Company issued
547
deferred stock units under The Home Depot, Inc. Non-Employee Directors' Deferred Stock Compensation Plan pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Rule 506 of the SEC's Regulation D thereunder. The deferred stock units were credited to the accounts of those non-employee directors who elected to receive all or a portion of board retainers in the form of deferred stock units instead of cash during the
first
quarter of fiscal
2017
. The deferred stock units convert to shares of common stock on a one-for-one basis following a termination of service as described in this plan.
|
2.
|
During the
first
quarter of fiscal
2017
, the Company credited
1,283
deferred stock units to participant accounts under The Home Depot FutureBuilder Restoration Plan pursuant to an exemption from the registration requirements of the Securities Act for involuntary, non-contributory plans. The deferred stock units convert to shares of common stock on a one-for-one basis following the termination of service as described in this plan.
|
Period
|
|
Total
Number of
Shares
Purchased
(1)
|
|
Average Price
Paid
Per Share
(1)
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Program
(2)
|
|
Dollar Value of
Shares that May Yet
Be Purchased
Under the Program
(2)
|
||||||
January 30, 2017 – February 26, 2017
|
|
663,078
|
|
|
$
|
145.06
|
|
|
522,500
|
|
|
$
|
14,924,133,239
|
|
February 27, 2017 – March 26, 2017
|
|
3,932,835
|
|
|
$
|
147.21
|
|
|
3,609,685
|
|
|
$
|
14,392,857,295
|
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March 27, 2017 – April 30, 2017
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4,619,924
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$
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148.54
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4,324,537
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$
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13,750,000,298
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9,215,837
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$
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147.72
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8,456,722
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(1)
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These amounts include repurchases pursuant to the Company's 1997 and Amended and Restated 2005 Omnibus Stock Incentive Plans (the "Plans"). Under the Plans, participants may surrender shares as payment of applicable tax withholding on the vesting of restricted stock and deferred share awards. Participants in the Plans may also exercise stock options by surrendering shares of common stock that the participants already own as payment of the exercise price. Shares so surrendered by participants in the Plans are repurchased pursuant to the terms of the Plans and applicable award agreement and not pursuant to publicly announced share repurchase programs.
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(2)
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In the first quarter of fiscal 2017, the Board of Directors authorized a $15.0 billion share repurchase program that replaced the previous authorization. The program does not have a prescribed expiration date.
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Item 6.
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Exhibits
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*3.1
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*3.2
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12.1
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15.1
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31.1
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31.2
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32.1
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32.2
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101
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The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2017, formatted in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Earnings; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
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THE HOME DEPOT, INC.
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(Registrant)
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By:
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/s/ CRAIG A. MENEAR
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Craig A. Menear
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Chairman, Chief Executive Officer and
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President
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/s/ CAROL B. TOMÉ
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Carol B. Tomé
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Chief Financial Officer and
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Executive Vice President – Corporate Services
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May 22, 2017
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(Date)
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Exhibit
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Description
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||
Exhibits marked with an asterisk (*) are incorporated by reference to exhibits or appendices previously filed with the SEC, as indicated by the references in brackets. All other exhibits are filed or furnished herewith.
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||
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*3.1
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*3.2
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12.1
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15.1
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31.1
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31.2
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32.1
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32.2
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101
|
|
The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2017, formatted in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Earnings; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
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