Home Depot Net Falls in Q4, Skies for Fiscal Year
February 25, 2014,
ATLANTA-Although net income for the fourth quarter edged slightly downward, The Home Depot ended its fiscal year with an 18.7 percent gain in net income, to $5.4 billion.
Net income for the quarter, which ended on Feb. 2, was $1 billion, down 0.8 percent.
Net sales for the home-improvement retailer reached $78.8 billion for the year, up 5.4 percent and including an increase of 6.8 percent in same-store sales. Frank Blake, Home Depot's chairman and CEO, said it was the company's strongest same-store gain in 14 years, aided by "solid execution and the recovering housing market." Net sales in the quarter declined 3 percent to $17.7 billion; a company statement on the financials did not give a same-store sales number for the quarter.
For fiscal 2014, Home Depot said it expects total sales to grow about 4.8 percent, and same-store sales to rise 4.6 percent. The company also plans to open seven new stores this year.