Home Depot Revises 2007 Guidance
Atlanta, The Home Depot on Monday revised its full-year guidance, saying it now expects annual profits to decline less than expected, citing completion of a tender offer and an extra selling week in the year.
The chain said it expects earnings per share from continuing operations to decline 7% to 9% for fiscal 2007. It had previously forecast a decline of 12% to 15% for the year.
The revision follows Home Depot’s purchase of nearly 290 million shares of its stock at a price of $37 per share, for a total cost of $10.7 billion excluding fees and expenses related to the offer.
The company used the proceeds of the sale of its wholesale distribution business to pay for the majority of the tender offer.
Seasonal categories aid Family Dollar sales
MATTHEWS, N.C. Family Dollar Stores reported that net sales for the four weeks ended Sept. 1 increased 3.4% to approximately $494.4 million from $478.3 million for the comparable four-week period ended Sept. 2, 2006. According to the company, the sales increase was aided by strong performance in the food and seasonal categories, primarily toys and lawn and garden, while sales of apparel were softer. Comparable-store sales for the four-week period increased 1% when compared with sales for the similar four-week period last year.
Sales for the fourth quarter of fiscal 2007 ended Sept. 1, were approximately $1.63 billion, or 3.4% above sales of approximately $1.58 billion for the fourth quarter of fiscal 2006 ended August 26, 2006. For the year ended Sept. 1, sales were approximately $6.8 billion, or 6.9% above sales of approximately $6.4 billion for the year ended Aug. 26, 2006.
The company reported that it anticipates earnings per diluted share for the fourth quarter to be in the range of 24 cents to 27 cents compared with 21 cents per diluted share for the fourth quarter last year. For the full year, the company currently expects net income per diluted share to be between $1.60 and $1.63 compared with $1.26 per diluted share for the prior fiscal year.
The company expects that comparable-store sales for the September period ending Oct. 6, will increase 1% to 3%.
Burlington Coat Factory 1Q sales up 2.6%
BURLINGTON, N.J. Burlington Coat Factory Warehouse announced today that net sales from continuing operations for the first quarter ended Sept. 1 were $673.9 million compared with $656.8 million for the first quarter ended Sept. 2, 2006, a 2.6% increase. These results reflect a 2% comparable-store sales decrease for the quarter. June comparable-store sales decreased 2.1%, July comparable-store sales decreased 3.7% and August comparable-store sales decreased 0.6%, compared with the same periods last year.