HD Q4 2015 Earnings Press Release 2-23-16

HD Q4 2015 Earnings Press Release 2-23-16 - The Home Depot...

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The Home Depot Announces Record Fourth Quarter And Fiscal 2015 Results; Increases Quarterly Dividend By 17 Percent And Provides Fiscal 2016 Guidance ATLANTA, February 23, 2016 -- The Home Depot ® , the world's largest home improvement retailer, today reported sales of $21.0 billion for the fourth quarter of fiscal 2015, a 9.5 percent increase from the fourth quarter of fiscal 2014. Comparable store sales for the fourth quarter of fiscal 2015 were positive 7.1 percent, and comp sales for U.S. stores were positive 8.9 percent. Net earnings for the fourth quarter of fiscal 2015 were $1.5 billion, or $1.17 per diluted share, compared with net earnings of $1.4 billion, or $1.05 per diluted share, in the same period of fiscal 2014. For the fourth quarter of fiscal 2015, diluted earnings per share increased 11.4 percent from the same period in the prior year. Fiscal 2015 Sales for fiscal 2015 were $88.5 billion, an increase of 6.4 percent from fiscal 2014. Total company comparable store sales for fiscal 2015 increased 5.6 percent, and comp sales for U.S. stores were positive 7.1 percent for the year. Earnings per diluted share in fiscal 2015 were $5.46, compared to $4.71 per diluted share in fiscal 2014, an increase of 15.9 percent. Fiscal 2015 results include a pretax net expense of $128 million, or $0.06 per diluted share, related to the Company’s 2014 data breach, of which $9 million, or $0.00 per diluted share, was recognized in the fourth quarter. “Our focus on improving the interconnected customer experience, along with solid execution and continued recovery in the U.S. housing market, resulted in record sales and net earnings for 2015,” said Craig Menear, chairman, CEO and president. “I’d like to thank our associates for their hard work and dedication to our customers.” Capital Allocation Strategy The Company today announced that its board of directors declared a 17 percent increase in its quarterly dividend to $0.69 per share. “As a testament to our commitment to create value for our shareholders, the board has increased the dividend for the seventh consecutive year,” said Menear. The dividend is payable on March 24, 2016, to shareholders of record on the close of business on March 10, 2016. This is the 116th consecutive quarter the Company has paid a cash dividend. Combined with today’s announcements, the Company reiterated its capital allocation principles: Dividend Principle: Targeting a dividend payout ratio of approximately 50 percent of net earnings. -more-
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