Home Depot U.S. Retail President Craig Menear will succeed Frank Blake as chief executive officer in about two months, giving the chain a new leader as it navigates a slowing housing rebound. The move will be effective Nov. 1, the Atlanta-based company said yesterday. Blake, 65, has been CEO since 2007 and will remain chairman. Menear, who's been with the chain since 1997, will join him on the board immediately. Home Depot, the largest home-improvement chain, has boosted profit for five straight years as the recovering U.S. housing market encouraged homeowners to spend more on renovations.
The Home Depot announced yesterday that it's acquired Blinds.com. Based in Houston, Blinds.com is the No. 1 online window coverings retailer in the world. Terms of the deal weren't disclosed. "We're delighted to welcome the Blinds.com team into The Home Depot family," said Frank Blake, chairman and CEO of The Home Depot. "The acquisition of Blinds.com positions us well for expansion in the quickly growing online window coverings market. In addition, their unique sales and service model is one we hope to learn from as we continue to create even better interconnected retail experiences for our customers."
Looks like China's economic slowdown has claimed another victim. Atlanta-based Home Depot said it will close its remaining seven big-box stores in the People's Republic. Home Depot Chairman and CEO Frank Blake put on a brave face for what could be seen as a failure of the world's largest home improvement retailer's efforts in the largest market in the world: "We've learned a great deal over the last six years in China, and our new approach leverages that experience and reflects our continuing interest in providing value to Chinese customers, as well as our shareholders."
Atlanta -- The Home Depot Inc.'s fiscal fourth-quarter earnings rose 32% to $774 million, compared with a profit of $587 million in the year-ago period. The retailer noted that mild weather throughout parts of the United States gave homeowners the chance to work on homes projects in the winter. Sales rose 5.9% to $16.01 billion, topping the Street’s view of $15.51 billion. Same-store sales grew 5.7% overall, and 6.1% in the United States. The chain said it generated a 3.6% rise in fourth-quarter customer transactions and the average ticket increased 2.4% to $52.54. We had a strong finish to
ATLANTA — Stormy weather around the country had something to do with Home Depot's third quarter sales gain of 2.9%. So did strength in core categories. The world's largest home improvement retailer posted a 4.2% comp-store sales gain for the quarter ended Oct. 30. Total sales increased 2.9% to $17.326 billion. And even bigger growth came in the net earnings column, where Home Depot reported a 13.0% increase and net earnings of $934 million. “Our third quarter was driven by strength in our core categories and storm-related sales as well as strong operating performance,” said Frank Blake, chairman &
Atlanta -- The charitable arm of The Home Depot pledged $30 million over three years to address veterans' housing issues. The pledge starts with the donation of $3.1 million to Fisher House Foundation, The Mission Continues and Volunteers of America to repair and rehabilitate facilities and homes serving veterans. Home Depot employees also will volunteer to help on projects for all three organizations. "Our nation's veterans have made great sacrifices for our country, yet the statistics show that many of them face severe housing needs due to disability, lack of affordable housing and unemployment," said Frank Blake, Home Depot