The Home Depot Income Rises 17.1%
Atlanta, The Home Depot reported second-quarter net earnings of $1.8 billion, up 17.1%, for the second quarter of fiscal 2005, compared with $1.5 billion for the same quarter last year. Comparable-store sales growth was 4.0%.
The company posted record sales of $22.3 billion, record operating margin of 12.75%, and record net earnings of $1.8 billion.
“In the second quarter, we continued our focus on improving operating efficiencies and drove the highest operating margin in our company’s history,” said Carol Tome, executive VP and CFO.
Great Atlantic & Pacific Tea Co. Finalizes Sale of A&P Canada
Montvale, N.J., The Great Atlantic & Pacific Tea Company has announced that it has completed the sale of A&P Canada to Metro Inc., a supermarket and pharmaceutical operator in Quebec and Ontario, Canada, for approximately $1.55 billion.
OfficeMax Consolidates Corporate Headquarters
Itasca, Ill., OfficeMax Inc. will consolidate its headquarters in Illinois. It expects to choose a Chicago-area location for the headquarters by the end of September 2005. Currently, OfficeMax’s corporate headquarters is located in Itasca, Ill., and its retail headquarters is in Shaker Heights, Ohio.
Sam Duncan, president and CEO of OfficeMax, said, “Bringing our headquarters’ associates together is a normal progression of the company’s integration efforts and we believe it will facilitate customer service as well as provide better support for our retail and contract businesses. We will emphasize a smooth transition as we consolidate our headquarters, keeping the need of our customers and our associates a priority.”