At its 2013 Investor and Analyst Conference, The Home Depot today provided an update on progress on its key strategic priorities and its financial targets. Key strategic focus areas include customer service, product authority, disciplined capital allocation and interconnected retail, noted the retailer.
Home Depot reaffirmed its sales and diluted earnings-per-share guidance for fiscal 2013. The company expected sales to be up approximately 5.6% for the year and diluted earnings-per-share to be up approximately 24% to $3.72 for the year. Comparable store sales, on a 52-week like for like basis, are expected to be up approximately 7% for the year.
For fiscal 2014 starting in February, Home Depot provided sales and earnings guidance, including sales growth of approximately 5%, the opening of eight new stores, operating margin expansion of approximately 70 basis points, share repurchases of approximately $5 billion, diluted earnings-per-share growth after anticipated share repurchases of approximately 17% and capital spending of approximately $1.5 billion.
In June of 2012, the company announced a long term operating margin target of 12% and a 24% return on invested capital target by the end of fiscal 2015. The company anticipated reaching these targets at the end of fiscal 2014, one year earlier than planned, and has updated its fiscal 2015 financial targets, including an operating margin of approximately 13% and return on invested capital of approximately 27%.
At the end of the third quarter, the Home Depot operated a total of 2,260 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.