Home Depot News

The Home Depot is the subject of a class-action lawsuit claiming that the world's largest home improvement retailer is impropertly negotiating for settlement with shoplifting suspects.

Sales increased 4.2% at The Home Depot, the company reported Tuesday morning.

The Atlanta-based company posted $20.2 billion in sales for the period. The company's net earnings for the quarter were $1.4 billion, compared with net earnings of $1.2 billion in the same period of fiscal 2010. 

Encouraged by the growth, the world's largest home improvement retailer raised its fiscal 2011 diluted earnings-per-share guidance to an expectation of $2.34 for the year, up 16%.

Four Joplin, Mo., associates of a Home Depot store destroyed by a tornado May 22 were flown to Atlanta for the company's annual shareholders meeting. 

CEO Frank Blake introduced Jason Smith, the manager on duty the night of the storm, Joe Barbosa, Joe Cabalero and Steve Cope, the store's manager. The four men received extended applause as well as Angel Awards, given to associates who help save lives. 

Hint: The Home Depot and West Elm are both represented on this list.

The home improvement industry is represented on Brand Finance’s top 500 list

The Home Depot saw positive comps in all of its departments during the second quarter, which was described by executives as one of the best quarters in the company's recent history.

Craig Menear, executive VP of merchandising pointed to four key factors for the success: strong summer events, a recovering seasonal business, commodity inflation and strength across the remainder of the store.

Citing improved performance, Standard & Poor's announced Tuesday that it is raising its corporate credit rating for Home Depot from "A-" to "A".

Additionally, the credit ratings agency upped its short-term ratings from "A-2" to "A-1". These increasingly investment-grade ratings point to confidence in the company's ability to meet its financial commitments, with a stable outlook on the ratings.

Dave & Buster's, Inc., the chain of restaurant/entertainment outlets, has named John Mulleady as its senior VP development. In addition to overseeing all real estate and construction projects, Mulleady will lead the company's expansion strategy, driving D&B's growth into new and under-penetrated markets. Dave & Buster's currently has 59 locations in the U.S. and Canada, and expects to open several more in the near future.