Home Depot Revises 2007 Guidance
Atlanta, The Home Depot on Monday revised its full-year guidance, saying it now expects annual profits to decline less than expected, citing completion of a tender offer and an extra selling week in the year.
The chain said it expects earnings per share from continuing operations to decline 7% to 9% for fiscal 2007. It had previously forecast a decline of 12% to 15% for the year.
The revision follows Home Depot's purchase of nearly 290 million shares of its stock at a price of $37 per share, for a total cost of $10.7 billion excluding fees and expenses related to the offer.
The company used the proceeds of the sale of its wholesale distribution business to pay for the majority of the tender offer.