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  HOME | Business & Economy (Click here for more)

Home Depot’s Profit Rises 8.5% to $8.63 Billion in 2017

NEW YORK – Home Depot, the largest home improvement retailer in the world, said on Tuesday that it posted net income of $8.63 billion in 2017, up 8.5 percent from the previous year, despite taking a special charge due to the recently enacted federal tax reform law.

“Our ongoing commitment to enhance the interconnected retail experience for our customers, provide localized and innovative product, and deliver best in class productivity resulted in record sales and net earnings for 2017,” Home Depot chairman, CEO and president Craig Menear said.

The Atlanta, Georgia-based home retailer said it earned $7.29 per share in 2017, up from the $6.45 earnings per share (EPS) it posted the previous year.

Home Depot’s revenues totaled $100.9 billion last year, up 6.7 percent from the $94.59 billion in sales it registered in 2016.

The retailer’s board of directors boosted the quarterly common stock dividend 15.7 percent to $1.03 per share as a show of confidence in the company’s future.

“As a testament to our commitment to create value for our shareholders and our positive outlook for the business, the board has increased the dividend for the ninth consecutive year,” Menear said.

Shares of Home Depot, one of the 30 stocks in the Dow Jones industrial average, were up $0.03, or 0.03 percent, to $187.02 near the end of the trading session on the New York Stock Exchange (NYSE).

 

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