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Provider: Plunkett Research, Ltd.
Provider: Plunkett Research, Ltd.

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Home Depot Inc Closes Seven Big Box Stores In China; Reaffirms FY 2012 EPS Guidance; Issues Q3 2012 Charge Guidance

Thursday, 13 Sep 2012 09:01pm EDT 

Home Depot Inc announced it is closing its remaining seven big box stores in China as the Company shifts its focus in that market to specialty stores and online offerings. The closings will affect approximately 850 associates, who will receive severance packages and job placement assistance. As a result of the store closings, the Company will record an after-tax charge of approximately $160 million, or approximately $0.10 per diluted share, in the third quarter of 2012, which includes impairment of goodwill and other assets, lease terminations, severance and other charges associated with closing the stores. Excluding the approximately $0.10 per diluted share charge associated with the store closings, the Company confirmed that it still expects its fiscal 2012 diluted earnings-per-share (EPS) to be up approximately 19% to $2.95 for fiscal 2012, which is in line with prior guidance. 

Company Quote

0.93 +1.17%
11:15am EDT