Home Depot Inc HD
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/26/2013

Operator: Please stand-by. Good day, everyone, and welcome to today's Home Depot Fourth Quarter 2012 Earnings Conference Call. Today's conference is being recorded. Please note that any prompts entered before this time may not have registered in our system. Beginning today's discussion is Ms. Diane Dayhoff, Vice President, Investor Relations. Ms. Dayhoff please go ahead.

Diane Dayhoff - VP, IR: Thank you, Yolanda, and good morning to everyone. Welcome to The Home Depot fourth quarter earnings conference call. Joining us on our call today are Frank Blake, Chairman and CEO of The Home Depot; Craig Menear, Executive Vice President, Merchandising, and Carol Tome, Chief Financial Officer and Executive Vice President, Corporate Services.

Following our prepared remarks, the call will be opened for analyst's questions. Questions will be limited to analysts and investors, and as a reminder, we would appreciate if the participants limit themselves to one question with one follow-up. If we are unable to get to your question during the call, please call our Investor Relations Department at 770-384-2387.

Now before I turn the call over to Frank, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the Securities and Exchange Commission.

Today's presentations will also include certain non-GAAP measurements. Reconciliation of these measurements is included in the release and is provided on our website.

Now, let me turn the call over to Frank Blake.

Frank Blake - Chairman and CEO: Thank you, Diane, and good morning everyone. Sales for the fourth quarter were $18.2 billion, up 13.9% from last year. Comp sales were positive 7% and our diluted earnings per share were $0.68. Our stores in the United States had a positive comp of 7.1%. Even though we were anniversarying strong sales from last year's warm weather and storm repair. All three of our U.S. division positively comped in the quarter and 38 of our top 40 markets had positive comps.

New York and New Jersey were our best-performing regions driven principally by Hurricane Sandy related repair activity and we continued to see recovery in our Florida, California and Arizona markets.

On the international front our Canadian business had positive comps for the fifth consecutive quarter and our Mexican business had another quarter of positive comps making it 37 quarters in a row of positive comp growth. During the quarter we also opened our 100th store in Mexico a significant milestone in the growth of our business there. In the U.S. our results benefited from storm repair but they also reflected an improving housing market. During the housing market downturn and even during the stabilization of the last few quarters, our Pro sales performance lagged our consumer sales growth.

Read our Earnings Call Transcript disclaimer.
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