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About Home Depot:
The Home Depot or simply Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. The Home Depot operates 2,242 big-box format stores across the United States (including all 50 U.S. states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam), Canada (all ten provinces), Mexico and China.[6] (12 store chain). The Home Depot is headquartered from the Atlanta Store Support Center in unincorporated Cobb County, Georgia.[7]
In terms of overall revenue reported to the U.S. Securities and Exchange Commission, The Home Depot is the largest home improvement retailer in the United States, ahead of rival Lowe’s, and the fourth largest general retailer.[8] The store operates out of large warehouse style buildings averaging 105,000 ft² (9,755 m²) with megastores operating in larger facilities (the company’s largest store, located in Union, New Jersey is 225,000 ft²).[9]
The company announced in summer 2009 that it will close its tire plant in the Philippines as part of a strategy to address uncompetitive manufacturing capacity globally by the end of the third quarter.[11]
Home Depot stores are large,[neutrality is disputed] averaging 105,000 ft² (9,755 m²) and organized warehouse-style, stocking a large range of supplies. Home Depot’s largest store is located in Anaheim, California.[14] The company color is a bright orange (PMS 165, CMYK 60M100Y), on signs, equipment and employee aprons.
Its 2005 sales totaled US$91.8 billion (US$77.0 billion in retail sales). Despite the 10% increase in revenue, it dropped three spots to #17 on the 2007 FORTUNE magazine’s FORTUNE 500 list (it was #13 in 2005 and #14 in 2006). The Home Depot owned EXPO Design Center, a chain of higher-end home decorating and appliance stores, but closed the chain in 2009.[15] In 2006, the Home Depot acquired Hughes Supply which was assimilated into HD Supply serving contractors, which it eventually sold in June 2007. In September 2005, Home Depot Direct launched its high-end online home-furnishings store, 10 Crescent Lane, shortly followed by the launch of Paces Trading Company, its high-end online lighting store. In mid 2006, the Home Depot acquired Home Decorators Collection which was placed as an additional brand under its Home Depot Direct Division. Home Depot Landscape Supply, with only a few stores each in metro Atlanta and Dallas/Fort Worth, was founded in 2002 and closed in late 2007.
On January 2, 2007, the Home Depot and Robert Nardelli mutually agreed on Nardelli’s resignation as CEO after a six-year tenure. Nardelli resigned amid complaints over his heavy-handed management and whether his pay package of $123.7 million, excluding stock option grants, over the past 5 years was excessive considering the stock’s poor performance versus its competitor Lowe’s. His golden parachute severance package of $210 million has been criticized because when the stock went down his pay went up.[13] [16] His successor is Frank Blake, who previously served as the company’s vice chairman of the board and executive vice president. Blake agreed to a much more conservative compensation package than his predecessor that is very heavily dependent upon the success of the company.
In 2008 and 2009, with the downturn in the housing market, The Home Depot announced the layoff of several thousand associates, as well as the closing of 54 stores nationwide, including the entire EXPO Design Center chain.[17][18] In the year to February 2009 sales totaled $71.288 billion, more than $20 billion down from the peak of two years earlier due to the sale of HD Supply and falling revenue at the retained business.
