Announcement of heavy investment

Home Depot expects to report total sales of US $ 58 bn (€ 54 bn) for the 2002/2003 financial year. That would be an increase of nine per cent on the previous year, and a deficit of one per cent like-for-like, according to the report from a meeting of analysts. In the coming financial year 2003/2004 sales are to be increased by from nine to twelve per cent, and profits by up to 14 per cent. Furthermore, the company announced investment to the tune of US $ four bn (€ 3.75 bn), which would amount to a rise of 21 per cent. Approximately 200 branches are to be opened. The market leader has declared that the modernisation of existing stores is one of the keynote elements of the new financial year and is investing US $ 250 mio (€ 235 mio) in this area. A sum of US $ 66 mio (€ 62 mio) was set aside for this item in the year that is now coming to an end.