Home Depot
electrical supplies, paint, plumbing, flooring, furniture, home decor, bedding, curtains, garden supplies and plants | |
Revenue | US$152.7 billion (2023) |
---|---|
US$21.69 billion (2023) | |
US$15.14 billion (2023) | |
Total assets | US$76.53 billion (2023) |
Total equity | US$1.044 billion (2023) |
Number of employees | 463,100 (January 2024) |
Subsidiaries | |
Website | homedepot |
Footnotes / references [1][2] |
The Home Depot, Inc., often simply referred to as Home Depot, is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportation rentals. Home Depot is the largest home improvement retailer in the United States.[3] In 2021, the company had 490,600 employees and more than $151 billion in revenue. The company is headquartered in unincorporated Cobb County, Georgia, with an Atlanta mailing address.[4]
It operates many
History
1978–1999
The Home Depot was co-founded by Bernard Marcus, Arthur Blank, Ron Brill, Pat Farrah, and Ken Langone in 1978.[6][7][8] The Home Depot's proposition was to build home-improvement superstores, larger than any of their competitors' facilities. Investment banker Ken Langone helped Marcus and Blank to secure the necessary capital.
Bernie and I founded The Home Depot with a special vision – to create a company that would keep alive the values that were important to us. Values like respect among all people, excellent customer service and giving back to communities and society[9]
On June 22, 1979, the first two stores, built in spaces leased from
The Home Depot began to branch out of Georgia to Florida in 1981 with stores opening in Hollywood and Fort Lauderdale. By 1984, The Home Depot was operating 19 stores with sales of over $256 million. To enter the Dallas market The Home Depot acquired Bowater Home Center from Bowater Inc. on October 31, 1984, for $40 million.[14] The increased expansion of The Home Depot in the mid-1980s created financial difficulties with earnings falling by 42% and debt rising to $200 million. The financial difficulties of The Home Depot also caused the stock price to fall. To curb The Home Depot difficulties it opened only 10 stores in 1986 with a stock offering 2.99 million shares at $17 per share which helped The Home Depot to restructure its debts.[15]
In 1989, The Home Depot became the largest home improvement store in the United States, surpassing Lowe's. In the 1990s The Home Depot searched for ways to redefine its marketplace. The EXPO Design Center subsidiary was launched in 1991 to provide high-end products and design services. A 480-page book Home Improvement 1-2-3 was published in 1995. The Canadian hardware chain Aikenhead's Hardware was acquired by The Home Depot in 1994 for $150 million with a 75% share. All of the Aikenhead's Hardware stores were later converted to The Home Depot stores.[16] By 1995, sales reached $10 billion while operating 350 stores.
Former General Electric executive Robert Nardelli became CEO and president of The Home Depot in 2000.[17]
2000–2007
San Diego maintenance and repair supplies company Maintenance Warehouse was purchased by The Home Depot in 1997 for $245 million.[18] Maintenance Warehouse was a leading direct-mail marketer of maintenance, repair and operations supplies that could reach customers out of reach by The Home Depot.[19][20] Atlanta-based company Apex Supply was acquired by The Home Depot in 1999. Apex Supply is a wholesale distributor of plumbing, HVAC, industrial pipe and fittings.[21] Apex Supply and Maintenance Warehouse were rebranded in 2004 as "The Home Depot Supply."[22]
In 2004, Home Depot employees at a suburban Detroit store in
Your Other Warehouse, a large plumbing distributor with a focus on special order fulfillment, was acquired by The Home Depot in 2001. Your Other Warehouse also supplied two divisions of The Home Depot and the EXPO Design Centers.
The Home Depot entered the
In September 2005, Home Depot Direct launched its online home-furnishings store, 10 Crescent Lane, shortly followed by the launch of "Paces Trading Company," its 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.
In 2006, the Home Depot acquired
2007–present
On January 2, 2007, the Home Depot and
His successor, Frank Blake, 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 Nardelli, which is very heavily dependent upon the success of the company. Although a longtime deputy to Nardelli at GE and Home Depot, Blake was said to lack Nardelli's hard edge and instead preferred to make decisions by consensus. Indeed, Blake repudiated many of his predecessor's strategies, and it has been reported that the two men have not spoken since Nardelli departed Home Depot.[32][33]
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.[34] Associates at EXPO were allowed to re-apply for Home Depot jobs after the layoffs, and did not lose any tenure if hired back. In the year of 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. In 2012, they proceeded to close the big-box style stores that they had in China, however smaller stores that specialized in custom products and that focused on more intimate interactions between customers and associates remain open there.[35]
In 2013, The Home Depot established two large distribution centers in Atlanta and Los Angeles.[36]
In August 2014, it was announced that Frank Blake would step down as CEO and would be replaced by 57-year-old Craig Menear. The change occurred on November 1, 2014. Blake continued with the company as chairman. Menear joined The Home Depot in 1997, and served in various management and vice-presidential positions, until 2003, including merchandising vice president of hardware, merchandising vice president of the Southwest Division, and divisional merchandise manager of the Southwest Division. He subsequently served as senior vice president of merchandising from August 2003 to April 2007. He then served as an executive vice president of merchandising from April 2007 to February 2014. Until becoming CEO, Menear served as president of U.S. Retail from February 2014 to November 1, 2014.[37]
The company had a data breach in September 2014.
On July 22, 2015, Home Depot acquired
In 2017, Home Depot acquired the online presence of The Company Store from
In January 2022, The Home Depot announced Craig Menear would be stepping down as the CEO and president effective March 1, 2022, while continuing to serve as the chairman of the board. He was replaced by former executive vice president Ted Decker.[42]
In February 2023, Home Depot announced that it would spend $1 billion to raise hourly employee wages.[43]
Finances
Year | Revenue in million USD$ |
Net Income in million USD$ |
Price per Share in USD$ |
Employees | Stores[45] |
---|---|---|---|---|---|
2005 | 73,094 | 5,001 | 25.46 | 325,000 | 1,890 |
2006 | 77,019 | 5,838 | 24.59 | 345,000 | 2,042 |
2007 | 79,022 | 5,761 | 23.70 | 364,000 | 2,147 |
2008 | 77,349 | 4,395 | 17.36 | 331,000 | 2,234 |
2009 | 71,288 | 2,260 | 17.61 | 322,000 | 2,233 |
2010 | 66,176 | 2,661 | 22.70 | 317,000 | 2,244 |
2011 | 67,997 | 3,338 | 27.06 | 321,000 | 2,248 |
2012 | 70,395 | 3,883 | 41.22 | 331,000 | 2,252 |
2013 | 74,754 | 4,535 | 58.48 | 340,000 | 2,256 |
2014 | 78,812 | 5,385 | 68.55 | 365,000 | 2,263 |
2015 | 83,176 | 6,345 | 95.33 | 371,000 | 2,269 |
2016 | 88,519 | 7,009 | 108.50 | 385,000 | 2,274 |
2017 | 94,595 | 7,957 | 132.80 | 406,000 | 2,278 |
2018 | 100,904 | 8,630 | 164.89 | 413,000 | 2,284 |
2019 | 108,203 | 11,121 | 185.68 | 413,000 | 2,291 |
2020 | 110,225 | 11,242 | 228.67 | 415,000 | 2,296 |
2021 | 132,110 | 12,866 | 306.72 | 504,800 | 2,317 |
2022 | 151,157 | 16,433 | 297.81 | 490,600 | 2,322 |
2023 | 157,403 | 17,105 | 303.98 | 518,100 |
As of 2020, Home Depot is ranked #26 on the Fortune 500 rankings of the largest United States corporations by total revenue.[46] In 2023, the company was ranked 67th in the Forbes Global 2000.[47]
For the Q2 of 2020, the company reported sales of $38.1 billion, which represented a growth of 23.4% from the same period, the previous year. The net earnings for the period of three months (ending August 2) rose 27% up to $4.3 billion. The growth in the sales was a result of Americans staying at home as a result of the COVID-19 pandemic.[48] In the Q3 for 2020, ending November 1, Home Depot reported a revenue of $33.5 billion; it represents a year-on-year increase of 24 per cent.[49]
Carbon footprint
The Home Depot reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 1,821 Kt (-127 /-6.5% y-o-y).[50] Reported emissions have been on a declining trend since 2016.
Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 |
---|---|---|---|---|
2,344[51] | 2,118[52] | 2,165[53] | 1,948[54] | 1,821[50] |
Mascot
The Home Depot's mascot has been Homer D. Poe since 1981 when he was first used in advertising. Gwyn Raker, the illustrator, says, "I designed him to be a funny guy next door who wasn't intimidating." The Homer Fund, a for-associate charity, is named after the mascot, who since its creation, has been a part of Home Depot culture ever since. This includes signage, advertising, awards, and even a life-size costume for stores to rent out. Homer has a wife, named Daisy.[55]
Operation
Home Depot stores average 105,000 ft2 (9,755 m2) in size and are organized warehouse-style, stocking a large range of supplies. Home Depot's two largest stores are located in
Contractors
Contractors make up only five percent of Home Depot's customers but they account for 45 percent of the companies $132 billion in annual sales. To address these contractor customers the company is building new flatbed distribution centers designed specifically to cater to builders that roll up in a contractor flatbed trucks.[58]
Marketing
The Home Depot announced the new slogan "How Doers Get More Done" on December 5, 2019, replacing the previous slogan "More saving. More doing." which was introduced in the March 18, 2009, circular, replacing "You can do it. We can help." which had been used since 2003.[59] Other slogans used in the past 25 years include "The Home Depot, Low prices are just the beginning" in the early 1990s and "When you're at the Home Depot, You'll feel right at home" in the late 1990s and "The Home Depot: First In Home Improvement!" from 1999 to 2003.[60]
US Stores division
Long-time employee Marc Powers became the head of Home Depot's US stores division in 2014. He took the place of Marvin Ellison, who left to become the chief executive of
Distribution centers
The Home Depot has over 90 distribution centers throughout the United States to serve over 2,000 The Home Depot stores.[62]
Online
The domain homedepot.com attracted at least 120 million visitors annually by 2008 according to a
Fuel centers
In 2006, The Home Depot started testing
Rental vehicles
The Home Depot offers rental vans and trucks at most of its locations.[67]
Subsidiaries and private brands
Wholly owned subsidiaries
Blinds.com
Blinds.com is an
Compact Power Equipment Inc.
Power equipment rental company that prior to 2017 provided equipment to rental departments in over 1,000 Home Depots in North America. Acquired by The Home Depot on July 6, 2017.[74]
Interline Brands
Interline Brands (renamed in 2018 as The Home Depot Pro) has over 90 distribution centers throughout the United States, Canada, and Puerto Rico that serve customer needs for
The brands of Interline Brands include:
- Wilmar Industries (MRO)
- Barnett (MRO, contractor supplies)
- Maintenance USA (MRO)
- SupplyWorks (janitorial, packaging, MRO)
- US Lock (keys, security devices)
- Hardware Express (hardware supplies)
- Leran Gas Products (propane accessories)
The Company Store
Online seller of textile and textile goods for the home decor market. Originally founded in 1911 as a purveyor of home furnishings, its online division—only—was acquired by THD in 2017.[74]
Redbeacon
Online contractor referral service founded in 2009; now called THD Pro Referral.[74]
HD Supply
HD Supply is an industrial supply and distribution company. The company, formerly called The Maintenance Warehouse, provided infrastructure and construction support services for businesses throughout North America.[76] Renamed as HD Supply, the business was re-acquired by THD in December 2020.[77][74]
Exclusive brand names
The Home Depot exclusively carries several major brands, including: [citation needed]
- Chem-Dry (carpet cleaning, upholstery cleaning, tile and grout services)
- Behr paints[78]
- Homelite(outdoor and power tools)
- Martha Stewart Living Omnimedia (outdoor furniture, indoor organization)
- Ryobi and Ridgid (power tools)
- American Woodmark cabinetry
- Thomasville Furniture Industries cabinetry
House brands
Additionally, the retailer sells the following
- Commercial Electric
- Glacier Bay (kitchen sinks, faucets, etc.)
- Hampton Bay (ceiling fans, lighting fixtures, outdoor furniture)[78]
- HDX, a low-cost brand introduced in February 2012, replacing the Workforce brand[78][79] The quality of products sold under the brand has an overall negative review from Consumer Reports (2017),[80] and mixed reviews on individual products (2022).[81][82][83]
- Home Decorators Collection
- Husky (tools)[78]
- Everbilt
Corporate affairs
Ownership
Home Depot is mainly owned by institutional investors, who own around 70% of shares. The largest shareholders in December 2023 were:[84]
- The Vanguard Group (9.49%)
- BlackRock (7.15%)
- State Street Corporation (4.35%)
- Capital World Investors (3.86%)
- Geode Capital Management (2.01%)
- Morgan Stanley (1.93%)
- Capital Research Global Investors (1.48%)
- Bank of America (1.45%)
- Charles Schwab Corporation (1.33%)
- Norges Bank (1.25%)
Philanthropy
The Home Depot Foundation is the philanthropic arm of the company created in 2002. It has contributed over $200 million in time, labor, money, and supplies to a number of causes, including Habitat for Humanity, California-based City of Hope National Medical Center, and playground construction organization KaBOOM![85] Home Depot supports the U.S. Military community with a 10% military discount. Since 1993, the "Team Depot" program has provided grants to veteran-based organizations and has workers from a local store do volunteer work that would benefit veterans.[86][87]
The Home Depot has partnered with the
In 2005, The Home Depot was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[90][91][92]
In March 2018, the company donated $50 million to train 20,000 people as construction workers over the next decade. The Home Builders Institute will use the money to train veterans and U.S. Army soldiers, high school students, and disadvantaged youth. The financial support from Home Depot was to help address the needs of the shortage of construction workers.[93][94]
Environmental record
The Home Depot has stated on their website that they have a commitment "we continue to lead by example, demonstrating to the world that sustainability business practices are not only possible, they are good for business."
Additionally, The Home Depot promotes
Television
In 2002, The Home Depot joined PBS as a sponsor of
In 2003, The Home Depot became a sponsor for Trading Spaces.
Sports
Company co-founder Arthur Blank purchased the Atlanta Falcons franchise of the National Football League in February 2002; Blank later acquired an expansion franchise in Major League Soccer, Atlanta United FC, in April 2014 with the soccer club beginning play in March 2017. The Home Depot made no formal association with the Falcons until April 2017, when The Home Depot acquired the naming rights to the 11-acre (44,520 m2) park adjacent to Mercedes-Benz Stadium. The Home Depot Backyard occupies the site of the former Georgia Dome, and serves as parking and tailgating space during Falcons' and Atlanta United FC home games and public use greenspace during non-event days. The park opened on September 11, 2018.[100][101]
Since 1991, the company has become a large supporter of athletics, sponsoring the
The Home Depot was a major sponsor for
The Home Depot was the title sponsor of The Home Depot Center in
In 2006, The Home Depot partnered with
In January 2007, The Home Depot became the official home improvement sponsor of ESPN's College Gameday.[105]
Politics
Seventy-three percent of The Home Depot's campaign contributions went to
According to the watchdog group Documented, in 2020, The Home Depot contributed $125,000 to the Rule of Law Defense Fund, a fundraising arm of the Republican Attorneys General Association.[109]
In April 2021, black faith leaders in Georgia called for a nationwide boycott of The Home Depot after the company did not take a stand against the Election Integrity Act of 2021.[110][111][112] Georgia Governor Brian Kemp criticized the boycott, saying "this insanity needs to stop" and contending that it "puts partisan politics ahead of people's paychecks."[113][114]
In 2023, Home Depot Vice President of Asset Protection Scott Glenn urged Congress to pass legislation aimed at combating organized retail crime groups by testifying before the House Homeland Security Committee's Subcommittee on Counterterrorism, Law Enforcement and Intelligence. The bill was introduced to Congress earlier this year and would serve to increase federal coordination with state and local law enforcement in the fight against retail crime.[115]
Outside the US
Canada
Home Depot Canada is the Canadian unit of the Home Depot and one of Canada's top home improvement retailers. The Canadian operation consists of 182 stores and employs over 28,000 people in Canada. Home Depot Canada has stores in all ten Canadian provinces and serves territorial Nunavut, Northwest Territories, and Yukon through electronic means (Online Sales). The Canadian head office is located in Toronto.
The Canadian unit was created with the purchase of
In
The Canadian operation is a participant in the voluntary Scanner Price Accuracy Code managed by the Retail Council of Canada.[116]
Mexico
The Home Depot operates 126 stores and has become one of the largest retailers in Mexico since it entered the market in 2001. The Home Depot increased its presence in Mexico in 2004, with the acquisition of Home Mart, the second largest Mexican home improvement retailer.[117]
The Home Depot Mexico employs more than 15,000 associates throughout the country and as of the end of 2016, it had a record of 50 consecutive quarters with posted growth.[117]
China
In December 2006, The Home Depot announced its acquisition of the Chinese home improvement retailer The Home Way. The acquisition gave The Home Depot an immediate presence in China, with 12 stores in six cities.
In April 2011, Home Depot shut its last Beijing store, the fifth Home Depot to close in China in the previous two years. In September 2012, The Home Depot announced it was closing all big box stores in China. The Home Depot retained two specialty stores in China, a Home Decorators Collection Store and a paint and flooring store.[118]
As of September 16, 2012, all seven of the box stores in China had been shut down.[119] The Home Depot has no immediate plans to further expand its specialty stores in China. The company is taking a "wait-and-see" attitude towards the Chinese market, but does not want to completely pull out because re-entry into the market would be very costly.
The Home Depot's lack of success in China has been attributed to the disconnect between The Home Depot's do-it-yourself ethos and Chinese culture. In 2012, The Home Depot conceded that it misread the country's appetite for do-it-yourself products. As a spokeswoman for the company said in an interview with the Wall Street Journal, "The market trend says this is more of a do-it-for-me culture."[118] Some have speculated that The Home Depot could have offered a do-it-for-me model to Chinese consumers. Chinese consumers prefer to see a finished product, such as a renovated room, rather than light bulbs and lumber.[120] The same issue does not exist outside of China, especially in Canada, where Chinese Home Depot advertisements and store signage can be found in areas with large Chinese demographics.
United Kingdom
There were reports that The Home Depot was interested in acquiring
South America
In 1993, Home Depot opened its first and only store in Peru, however, low sales and weak promotion for the brand led to its closure the following year. In 1997, Home Depot entered the Chilean and Argentine markets. While the venture was viewed with great optimism by founders
Controversies
Whistleblower case
This section needs additional citations for verification. (July 2022) |
The Home Depot was embroiled in
The trial initially was concluded in June 2006, but in April 2007, U.S. Department of Labor Judge Pamela Lakes Wood ordered the case reopened after the Home Depot's law firm Akin Gump Strauss Hauer & Feld revealed that the retail giant's in-house counsel had told them that two Home Depot employees who testified at the trial had lied. Akin Gump sent Wood a letter on September 29, 2006, in which the law firm requested that the testimony be stricken. In response to Akin Gump's revelation, Davis' attorney, Schwartz, asked for the case to be reopened to permit further questioning of the witnesses. On April 6, 2007, Wood ordered the case to be reopened.
The Home Depot has settled the dispute in a stipulation of settlement dated March 28, 2008. In the settlement, The Home Depot changed some of its corporate governance provisions. The Home Depot also agreed to pay the plaintiff's counsel $6 million in cash and $8.5 million in common stock.[125]
Patent law controversy
In 2011, Home Depot appealed against the decision to the United States Court of Appeals for the Federal Circuit, challenging the district court's denial of its renewed motion for judgment as a matter of law on the issues of infringement, willfulness, and damages.[126][127] They also challenged the district court's claim construction, inequitable conduct, and attorney fees determinations. The appellate court found no inequitable conduct and insufficiently egregious misconduct on the part of Powell's attorney.[128]
Tilt-up construction design of stores
In the wake of the
Payment-system breach
On September 2, 2014, security news reporter Brian Krebs reported that he was seeing evidence of credit card numbers linked to Home Depot purchases being sold online, which he concluded to suggest that The Home Depot's payment systems were breached by hackers.[130] On September 8, 2014, Home Depot confirmed that their payment systems were compromised.[131] According to their press release, this breach affected any customers who made purchases at any Home Depot store from April 2014 to September 2014. Home Depot offered its affected customers a free one-year credit monitoring service from AllClear ID. Also in their press release, they made sure to emphasize that there was no evidence to suggest that online customers were affected by the breach. On September 18, 2014, Home Depot released a statement saying that the hackers obtained a total of 56 million credit card numbers as a result of the breach. Since the breach, Home Depot has rolled out new encryption technology for its cash registers and self-checkout systems to protect customers. A class-action lawsuit was filed against the company.
In March 2016, Home Depot agreed to pay at least $19.5 million to compensate the more than 50 million consumers affected. The settlement terms included a $13 million fund to reimburse shoppers and a $6.5 million fund for cardholder identity protection services.[132]
EEOC disability discrimination suit
In September 2012, Home Depot agreed to pay $100,000 and furnish other relief to settle a disability discrimination lawsuit[133] filed by the U.S. Equal Employment Opportunity Commission, for the alleged failure to provide a reasonable accommodation for a cashier with cancer at its Towson, Maryland, store and then for purportedly firing her because of her condition.[134]
Lead paint
In December 2020, The Home Depot was fined $20.75 million for lead paint violations.[135][136] Home Depot were accused of hiring contractors for their home renovation services who did not use proper lead abatement procedures during renovation projects.[136][135]
See also
- Menards, privately held American chain of home improvement centers that competes with The Home Depot in the Midwestern United States.
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Home Depot will also pay a $20.75 million penalty, the highest civil penalty obtained to date for a settlement under the Toxic Substances Control Act.
- ^ US Environmental Protection Agency. December 17, 2020. Retrieved March 20, 2021.
Home Depot frequently subcontracted work to uncertified firms, did not use lead-safe work practices, did not perform required post-renovation cleaning, did not provide the EPA-required lead-based paint pamphlets to occupants, and did not establish records of compliance
External links
- Home Depot, Inc.; (corporate website)
- Home Depot USA; (retail website)
- 'How I Built This'; podcast – live episode! The Home Depot: Arthur Blank – audio interview with co-founder
- "Hampton Bay".