FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended January 30, 199428, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number 1-8207
THE HOME DEPOT, INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
IRS No. 95-3261426
(I.R.S. Employer Identification No.)
2727 Paces Ferry Road, Atlanta, Georgia
(Address of principal executive offices)
3033930339-4089
(Zip Code)
Registrant's telephone number, including area code: (404)(770) 433-8211
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Name of Each Exchange
Title of Each Class on Which Registered
Common Stock, $.05 Par Value New York Stock Exchange
4-1/2% Convertible Subordinated New York Stock Exchange
Notes due 1997
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.[X]__]
The aggregate market value of the Common Stock of the Registrant held by
nonaffiliates of the Registrant on March 28, 199422, 1996 was $17,835,344,406.$21,055,978,708. The
aggregate market value was computed by reference to the closing price of the
stock on the New York Stock Exchange on such date. For the purposes of this
response, executive officers and directors are deemed to be the affiliates of
the Registrant and the holding by nonaffiliates was computed as 418,473,590445,629,179
shares.
The number of shares outstanding of the Registrant's Common Stock as of March
28, 199422, 1996 was 450,648,080477,962,757 shares.
DOCUMENTS INCORPORATED BY REFERENCE
The Registrant's proxy statement for its Annual Meeting of Stockholders, to be
held May 25, 1994,29, 1996, which will be filed pursuant to Regulation 14A within 120
days of the close of Registrant's fiscal year, is incorporated by reference in
answer to Part III of this report but only to the extent indicated therein.herein. In
addition, pages 2014 through 3830 and the inside cover page of The Home Depot,
Inc.'s 19931995 Annual Report to Stockholders is incorporated by reference in
answer to Items 6, 7 and 8 of Part II and Item 14(a) of Part IV of this
report.
PART I
Item 1. BUSINESS
The Home Depot, Inc. andincluding its subsidiaries ("The Home Depot" or
"Company") is the leading retailer in the home improvement industry. It
operates "warehouse style" stores which sell a wide assortment of building
materialsmaterial and home improvement products. At fiscal year end, the Company's three operating divisions--
Western, Southeast and Northeast--had 264Company had
423 stores in 2331 states and three Canadian provinces, with an aggregate total
of approximately 26,383,00044,356,000 square feet of selling space. Such stores average
approximately 100,000105,000 square feet of enclosed space per store, with an
additional 10,00020,000 to 28,000 square feet of outside selling and storage
space.in the garden center area. The
Company's executive offices arestore support center (corporate office) is located at 2727 Paces
Ferry Road, Atlanta, Georgia 30339,30339-4089, telephone number (404)(770) 433-8211.
The
Home Depot's operating strategy stresses providing a broad range of
merchandise at competitive prices and utilizing highly knowledgeable, service
oriented personnel and aggressive advertising. Company-employed shoppersThe Company regularly checkchecks
competitors' prices at
competitors' operations to ensure that The Home Depot's low "Day-In, Day-Out"
warehouse prices are competitive within each market.
Since a large proportionportion of the Company's customers are individual
homeowners, many of whom may have limited experience in do-it-yourself ("D-I-
Y") projects, management considers its employees'associates' knowledge of products and
home improvement techniques and applications to be very important to its
marketing approach and its ability to maintain customer satisfaction. Many
D-I-Y customers take advantage of "how-to" classes offered in Home Depot
stores.
Another segment of the Company's business activity is the buy-it-
yourself ("B-I-Y") customers. The B-I-Y customer chooses products, makes the
purchase and contracts with others to complete or install the project. For
these customers, Home Depot offers installation services for a variety of
products. Home Depot also devotes significant marketing, advertising and
service efforts toward attracting professional remodelers and commercial
users.
Products
Management estimates that during the course of a year, a typical store stocks approximately 30,00040,000
to 50,000 product items, including variations in color and size. Each store
carries a wide selection of high quality and nationally advertised brand name
merchandise. The table below shows the percentage of sales of each major
product group for each of the last three fiscal years. However, these
percentages may not necessarily be representative of the Company's future
product mix due, among other things, to the effects of promotional activities
associated with opening
additional stores. Also, newly opened stores did not operate through a
complete seasonal product cycle for all periods presented.
Percentage of Sales
----------------------------------
Year Ended Year Ended Year Ended
Feb. 2, Jan. 31, Jan. 30,
1992 199329, Jan. 28,
1994 1995 1996
---------- ---------- ----------
Product Group
Product GroupBuilding materials, lumber
and floor and wall coverings 34.2% 34.0% 33.9%
Plumbing, heating, lighting and
electrical supplies 28.5% 27.3% 27.6%
Building materials, lumber,
floor and wall coverings 32.8 34.1 34.2
Hardware and tools 12.3 12.8 13.027.6 27.9 27.7
Seasonal and
specialty items 15.214.5 14.5 14.8
14.5Hardware and tools 13.0 13.1 13.2
Paint and Other 11.2 11.0other 10.7 ----- ----- -----10.5 10.4
100.0% 100.0% 100.0%
===== ===== =====
The Company sources its merchandise from approximately 4,3505,400 vendors
worldwide, of which no single vendor accounts for as much as 10%5 percent of
purchases. The Company is not dependent on any single vendor. A substantial
majority of merchandise is purchased directly from manufacturers, thereby
eliminating costs of intermediaries. Management believes that competitive
sources of supply are readily available for substantially all its products.
Marketing and Sales
Management believes a number of the Company's existing stores are
operating at or above their optimum capacity. In order to enhance market
penetration over time, the Company has adopted a strategy of adding new stores near
the edge of the market areas served by existing stores. While such a strategy
may initially have a negative impact on the rate of growth of comparable store-for-store sales, managementthe
Company believes the benefits of this "cannibalization" strategy are to increaseincreases customer
satisfaction and overall market share by reducing delays in shopping,
increasing utilization by existing customers and attracting new customers to
more convenient locations.
The Home Depot has continued to introduce or refine a number of
merchandising programs during fiscal 1993.1995. Key among them is the Company's
ongoing commitment to becoming the supplier of first choice to an assortmenta variety of
professional customers, primarily small-scale remodelers, carpenters, plumbers,
electricians and building maintenance professionals. The Company has reacted
to the needs of this group by emphasizingexpanding commercial credit programs, on-site
delivery services, new merchandising programs
and more efficient shopping through the Company's Store
Productivity Improvement program.
The Company continued a Company-wide roll-outupdating lines of an enlarged
garden center prototype. These centers which are as large as
28,000 square feet, feature 6,000 to 8,000 square foot
greenhouses or covered selling areas providing year round selling
opportunities as well as a significantly expanded product
assortment. By the end of fiscal 1993, the prototype was in place
in 87 stores. Both new and older stores will incorporate
the expanded centers where space is available.
During fiscal 1993, the Company continued to develop
innovative merchandising programs that are helping to further
grow the business.professional products.
The Company's installed sales program becameis available, in 251 stores in 26 markets and is planned to bewith varying
services offered, in all of the Company's stores over the next year.stores. There are approximately
2,3703,000 installed sales vendors who, as independent, licensed contractors, are
authorized to provide services to customers. This program targets the buy-it-yourself ("B-I-Y")B-I-Y
customer, who will purchase an item but either does not have the desire or
ability to install the item.
During the past year, the Company began a three yearcontinued its marketing effort to
support its sponsorship of the 1994 and 1996 Olympic Games and the U.S. and Canadian
Olympic teams' participation at those games. A select number ofIn fiscal 1995, the Company
continued its program to help pave the Centennial Olympic Park in Atlanta with
engraved bricks, and hired athletes to work in its stores and offices while
they train for the Olympic Games. The Company's partnership with certain key
suppliers arein the United States and in Canada is providing significant
financial support for the sponsorship.
The Company is also a sponsor of the 1996 Atlanta Paralympic Games. The
Paralympic Games are an elite competition for athletes with a physical
disability which precludes them from Olympic competition. The Paralympic
Games will leave a legacy of awareness of the talents and achievements of
people with disabilities all over the world.
In January 1994,fiscal 1995, the Company opened its second Expo(Regis. TM)third and fourth EXPO(R) Design
Center in Atlanta, Georgia, which is the first of its kind on the
East Coast. The Expostores. EXPO stores are now located in San Diego, California; Atlanta,
Georgia; Long Island, New York and Atlanta,
are enabling the regional merchandising staff to test a variety
ofDallas, Texas. Unlike traditional Home
Depot stores, EXPO does not sell building materials such as lumber, but
focuses instead on upscale interior design products and increased installation
services. The Company is
currently considering the feasibilityEXPO stores contain approximately 144,000 square feet of
opening Expo stores in
other markets.selling space, including climate controlled garden centers.
During 1993 and early 1994,fiscal 1995, the Company also
opened seven Depot Diners on a test basisrestaurants in Atlanta, Seattle and
various locations in South Florida. Depot Diners are an
extension of the Company's commitment to total customer
satisfaction, and are designed to provide customers and employees
with a convenient place to eat. The Company believes customerscertain stores.
Customers with limited amounts of time to complete their shopping, especially
professional contractors and customers with small children, may be attracted
to the restaurant in the store or spend more time in the store if fast food is
available on site. The food service
providersavailable. Restaurant operators vary by market.
On February 28, 1994, the Company acquired a 75 percent interest in the
Aikenhead's Home Improvement Warehouse ("Aikenhead's") chain in Canada. This
75 percent interest was purchased from the Molson Companies Limited
("Molson"). Beginning in 2000, the Company has the option to purchase, or
Molson has the option to cause the Company to purchase, the remaining 25
percent of the Canadian operations. The option price is based on the lesser
of fair market value or a value determined by an agreed upon formula, as of
the option exercise date. The Company is the managing partner of this
partnership which operates as The Home Depot Canada.
The Company began its expansion into rural markets with the introduction
of its CrossRoads(TM) stores in 1995. While carrying traditional home
improvement merchandise, such stores carry additional products designed to
cater to the needs of certain rural customers, primarily farmers and ranchers.
Such expanded product offerings include feed and seed, pet supplies, tack,
clothing and automotive supplies. The first CrossRoads store opened in
Quincy, Illinois in July 1995 with the second store opening in Waterloo, Iowa
in September 1995. In December 1995, the Company announced its plan to
integrate the CrossRoads Division into its existing Home Depot Divisions.
Management believes this change will achieve greater cost efficiencies. In
addition, the Company will gain the added benefit of name recognition by using
The Home Depot trade name for these locations. Some merchandise first
introduced in CrossRoads stores is now being offered to customers in
traditional Home Depot stores.
"The Home Depot", "EXPO", the "Homer" advertising symbol and various
private label brand names under which the Company sells a limited
rangecertain of its
products are service marks,
trademarks or trade names of the Company and are considered to be important
assets of the Company.
Information Systems
Each store is equipped with a computerized point of sale system,
electronic bar code scanning system, and a mini-computer. TheseManagement believes
these systems provide efficient customer check-out with an approximate 90
percent scan rate of scannable products, store-based inventory management, rapid
order replenishment, labor planning support, and item movement information.
Faster registers as well as a new check approval system and a new receipt
format have expedited transactions. To better serve the increasing number of
customers applying for credit in fiscal 1995, charge card approval process
time was reduced to less than 30 seconds. Store information is communicated
to home office and divisional officethe store support centers' computers via a satellite and land-based
communications network. These computers provide corporate financial and
merchandising support systems. The Company operates its own television
network and produces training and informational programs that are transmitted
to stores via the satellite communications network and videotape.
The Company is constantly assessing and upgrading its information
systems to support its growth, reduce and control costs, and enable better
decision-making. The Company continues to see greater efficiency as a result
of its electronic data interchange (EDI) program. Currently, over 250400 of the
Company's highest volume vendors are participating in the EDI program. A
paperless system, EDI electronically processes orders from stores to vendors,
alerts the store when the merchandise is to arrive and transmits vendor
invoice data.
In fiscal 1995, the Company continued its use of phone centers to serve
its customers. Experienced associates answering the phone were able to
respond quickly to pricing and merchandise questions and take sales orders
while the associates on the sales floor were not distracted from serving the
in-store customers.
In fiscal 1995, stores were outfitted with Electronic Article
Surveillance ("EAS") detectors that trigger an alarm if a person exits the
store with merchandise affixed with an EAS label that has not been
desensitized at the cash register. The system is proving to be a deterrent to
theft, with many stores reporting reductions in shoplifting offenses.
In fiscal 1995, a group of the Company's associates working in
conjunction with Meredith Publishing Group, the publisher of Better Homes and
Gardens(R) magazine, developed Home Improvement 1-2-3(TM), a book and CD-ROM
providing expert advice on over 250 home improvement projects. The Company
also operates its own television networkpublishes a magazine entitled Weekend(TM), a quarterly magazine offering
fun and produces trainingfunctional home repair, remodeling and communications programs thatdecorating projects. All of
these multimedia items are transmittedavailable to customers in all of the Company's
stores via the satellite network.as well as in many major book stores and computer stores.
Employees
As of fiscal year end, The Home Depot employed approximately 50,700 persons,80,000
associates, of whom approximately 3,6005,400 were salaried and the remainder were
compensated on an hourly basis. Approximately 9080 percent of the Company's
employeesassociates are employed on a full-time basis. In order to attract and retain
qualified personnel, the Company seeks to maintain salary and wage levels
above those of its competitors in its market areas. The Company's policy is
to hire and train additional personnel in anticipation of future store
expansion.
The Company has never experienced a strike or any work stoppage, and
management believes that its employee relations are satisfactory. There are
no collective bargaining agreements covering any of the Company's employees.associates.
Competition
The business of the Company is highly competitive, based in part on
price, location of store, customer service and depth of merchandise. In each
of the markets served by the Company, there are several other chains of
building supply houses, lumber yards and home improvement stores. In addition
the Company must compete, with respect to some of its products, with discount
stores, local, regional and national hardware stores, warehouse clubs,
independent building supply stores and, to a lesser extent, other retailers.
Due to the variety of competition faced by the Company, management is
unable to accuratelyprecisely measure the Company's market share in its existing market
areas. However, managementManagement, however, believes that the Company is an effective and
significant competitor in these markets.its markets and has approximately a 12 percent
market share of the overall home improvement industry.
Executive Officers
The following provides information concerning the executive officers
holding positions in the Company and/or its subsidiaries.
BERNARD MARCUS, age 66, has been Chairman of the Board of Directors and
Chief Executive Officer ("CEO") of Home Depot since its inception in 1978,1978; and
is, together with Mr. Arthur M. Blank and Mr. Kenneth G. Langone (a director
of the Company), a co-founder of the Company. Mr. Marcus serves on the Board
of Directors of Wachovia Bank of Georgia, N.A., National Service Industries,
Inc. and the New York Stock Exchange, Inc. Mr. Marcus also serves on the
Board of the newly-formed National Foundation for the Centers for Disease
Control and Prevention and is Chairman of the Board of The Marcus Center,
which provides support services for persons with developmental disabilities
and their families. In addition, he is a member of the Advisory Board and
Board of Directors of the Shepherd Spinal Center in Atlanta, as well as aGeorgia and Vice
President and member of the Board of The City of Hope, a charitable
organization in Duarte, California.
Mr. Marcus is also a member of Emory University's
Board of Visitors.
ARTHUR M. BLANK, age 53, has been President, Chief Operating Officer
("COO") and a director of The Home Depot since its inception in 1978; and is,
together with Mr. Bernard Marcus and Mr. Kenneth G. Langone, a co-founder of
the Company. Mr. Blank serves as
Chairman ofon the Board
of Trustees of North Carolina Outward Bound School, a non-profit corporation;
serves on the Board of Trustees of Emory University; the Board of Councilors
of the Carter Center of Emory University; and the Board of Directors of Post
PropertiesCox
Enterprises, Inc. and Harry's Farmers Market,Post Properties Inc.
RONALD M. BRILL, age 52, has been Executive Vice President and Chief
FinancialAdministrative Officer ("CFO"CAO") of the Company since March 1993.August 1995. Mr. Brill
joined The Home Depot as its Controller in 1978, was elected Treasurer in 1980,
Vice President-Finance in 1981, Senior Vice President and Chief Financial
Officer ("CFO") in 1984, Executive Vice President and CFO in 1984,1993, and elected
as a director in 1987. Mr. Brill serves on the Board of Directors of AutoFinance
Group, Inc.; the Board of Trusteesboards of the Atlanta Jewish
Federation;Federation and the Board of Trustees of Woodruff ArtsAtlanta Jewish Community Center; the Board of Directors
of the Atlanta High Museum of Art; the Board
of Directors of the Atlanta Chamber of Commerce;Art and Pilchuck Glass School and the Governing
Board of Woodward Academy.
JAMES W. INGLIS, has been a director of the Company since
1993. Mr. Inglis has been Executive Vice President-Strategic
Development since April 1994. Mr. Inglis joined The Home Depot in
1983 as a merchandiser and was shortly thereafter promoted to
Senior Merchandiser and then promoted to Vice President-
Merchandising (West Coast) in 1985, and Executive Vice President-
Merchandising in 1988. Mr. Inglis serves as endowment chairman
for the City of Hope's hardware and home improvement industry
group.
BRUCE W. BERG, age 47, has been President-Southeast Division since 1991.
Mr. Berg joined the Company in 1984 as Vice President-
MerchandisingPresident-Merchandising (East
Coast) and was promoted to Senior Vice President (East Coast) in 1988.
MARSHALL L. DAY, age 52, was promoted in August 1995 to Senior Vice
President-Chief Financial Officer. Prior to Mr. Day's promotion, he had
served as the Company's Senior Vice President-Finance since March 1993. Mr.
Day joined the Company in 1986 as Controller, was promoted to Vice President-
Controller in 1988 and Vice President-Finance in 1989. Mr. Day serves on the
Board of Directors of Habitat for Humanity in Cobb County.
BILL HAMLIN, age 43, has been Executive Vice President-Merchandising
since April 1994. Mr. Hamlin joined the Company in 1985 as a merchandiser and
was promoted to Vice President-Merchandising (West Coast) in 1988 and
President-Western Division in 1990.
JAMES W. INGLIS, age 52, has been a director of the Company since 1993
and does not intend to stand for re-election in 1996. Mr. Inglis has been
Executive Vice President-Strategic Development since 1994. Mr. Inglis joined
Home Depot in 1983 as a merchandiser and was shortly thereafter promoted to
Senior Merchandiser and then promoted to Vice President-Merchandising (West
Coast) in 1985, and Executive Vice President-Merchandising in 1988. Mr.
Inglis serves as Endowment Chairman for The City of Hope's hardware and home
improvement industry group. Mr. Inglis is currently on a leave of absence for
six months commencing February 1996.
VERNON JOSLYN, age 45, has been President-Northeast Division since
February 1996. Mr. Joslyn joined Home Depot in 1984 as an assistant store
manager, and was promoted to store manager the following year. Mr. Joslyn
subsequently served as District Manager in Phoenix and San Diego. In 1991,
Mr. Joslyn, as District Manager, opened the Boston market and served in that
capacity until 1993 when he was promoted to his previous position of Vice
President-Operations for the Northeast Division.
W. ANDREW McKENNA, age 50, has been President-Midwest Division since
1994. Mr. McKenna joined Home Depot in 1990 as Senior Vice President-
Corporate Information Systems.
LARRY M. MERCER, has been President-Northeastage 47, was promoted to Executive Vice President in
February 1996. Prior to Mr. Mercer's promotion, he had served as President-
Northeast Division since 1991. Mr. Mercer joined the Company in 1979 as an
Assistant
Store Managerassistant store manager and after serving as a Store Manager was promoted to
Regional Manager of the Central Florida Region in 1983. Mr. Mercer was then
promoted to Vice President-Store Operations (East Coast) in 1987.
MARSHALL L. DAY, has been Senior Vice President-Finance since
March 1993. Mr. Day joined the Company in 1986 as Controller,
was promoted to Vice President, Controller in 1988 and Vice
President-Finance in 1989.
STEPHEN BEBIS, has been President and Chief Executive Officer
of The Home Depot Canada, a Canadian partnership, since February
1994. Mr. Bebis' division operates the
Aikenhead's Home Improvement Warehouse, which is owned jointly by the Molson
Companies Limited and The Home Depot. Mr. Bebis joined The Home
Depot in 1984 as a Merchandiser. Prior to joining Aikenhead's in
1990, Mr. Bebis was Vice President-Merchandising for the Mid-
South Division of The Home Depot. Mr. Bebis is currently a
member of the Board of Directors of Habitat for Humanity Canada
and a member of the Young Presidents' Organization.
HARRY PIERCE, age 37, has been President-Western Division since April 1994.
Mr. Pierce joined the Company in 1984 as an Assistant
Store Managerassistant store manager and
later becameassumed the position of an Associate Merchandiserassociate merchandiser in 1985. After serving
several years as a Merchandisermerchandiser both in Atlanta and in the Northeast, Mr.
Pierce was promoted to Manager,
MerchandisingManager-Merchandising Information Systems in 1990. In
1992, Mr. Pierce joined the Company's Western Division as Vice President-
Merchandising.
DENNIS J. RYAN, age 49, has been President of the CrossRoads Division
since January 1995. Mr. Ryan joined the Company in 1985 as a building
materials merchandiser and was promoted to Vice President-Merchandising in
1988. Mr. Ryan was promoted to Senior Vice President-Merchandising in 1992.
BRYANT W. SCOTT, age 40, has been President of the EXPO(R) Design Centers
Division since March 1995. Mr. Scott began his career with Home Depot in 1980
as a store associate. Since then he has served in a variety of positions and
most recently served as Vice President-Merchandising for the Southeast
Division, located in Tampa, Florida.
ANNETTE M. VERSCHUREN, age 39, has been President of The Home Depot
Canada since joining the Company in March 1996. Prior to joining the Company,
Ms. Verschuren had been President of Michaels of Canada Inc. since 1993. From
1989 until 1992, Ms. Verschuren held several positions with Imasco Limited.
In 1992, Ms. Verschuren formed Verschuren Ventures Inc. and remained there
until becoming President of Michaels of Canada Inc. in 1993.
Item 2. PROPERTIES
The following table illustratesindicates the number of the Company's store
locations by state in the United States and by province in Canada as of
the end of fiscal year 1993:January 28, 1996.
Number of Stores
State in State
----- ----------------
Alabama 25
Arizona 1114
California 7383
Colorado 4
Connecticut 8
Florida 57
Georgia 23
Idaho 1
Illinis 13
Indiana 1
Iowa 1
Louisiana 7
Florida 52
Georgia 18
Louisiana 6
Maryland 610
Massachusetts 912
Michigan 12
Nevada 3
New Hampshire 3
New Jersey 1218
New Mexico 2
New York 1022
North Carolina 314
Oklahoma 24
Oregon 15
Pennsylvania 211
Rhode Island 1
South Carolina 5
Tennessee 9
Texas 39
Utah 3
Tennessee 7
Texas 26
Virginia 6
Washington 8
Subtotal 404
Canadian Number of Stores
Provinces in Province
Ontario 11
British Columbia 4
Washington 3
---Alberta 4
Subtotal 19
TOTAL 264
===423
At fiscal year end, The Home Depot had stores located in 2331 states, with approximately 68%50
percent of the U.S. stores being concentrated in California, Georgia, Texas
Florida and Arizona. In late fiscal 1988, the
Company began to open stores in the Northeast, its first
expansion outside the Sunbelt states. Despite a generally weak
economy in the Northeast region, the stores the Company operates
in this region have reported sales volumes which are among the
highest of the Company's stores.Florida. Although new store openings for fiscal 19931995 occurred primarily
in existing markets, the Company continued its geographic expansion by opening
stores in a number of new markets in fiscal 1993 -- upperBirmingham, Alabama; Denver, Colorado;
Macon, Georgia; Quincy, Illinois; Waterloo, Iowa; Lafayette, Louisiana; Grand
Rapids, Michigan; Saginaw, Michigan; Rochester, New York; eastern
Pennsylvania; metro Washington, D.C.; Portland, Oregon; Reno,
Nevada; Greensboro,Fayetteville, North
Carolina; Charleston, South Carolina;
Tallahassee, Florida; Augusta, Georgia; Bakersfield, FresnoHickory, North Carolina and Stockton, California;Harrisburg, Pennsylvania.
The Midwest division is expected to be one of the fastest growing
divisions for the next several years. Approximately 17 new stores are
scheduled for 1996, and Oklahoma City, Oklahoma.
In November 1993,by the end of 1998, the Company announced plansexpects approximately
112 stores to acquire
seven non-operating store locationsbe open in the Chicago area from
Waban Inc., owners of HomeBase Home Improvement Centers. In
February 1994, the Company acquired from the Molson Companies
Limited ("Molson"), a 75% interest in the Canadian home
improvement warehouse retailer, Aikenhead's Home Improvement
Warehouse. The Company has the right to acquire Molson's
remaining 25% interest in six years. The Company will be the
managing partner of the new enterprise, known asthat division.
The Home Depot Canada a Canadian partnership. At the time of the acquisition,
Aikenhead's was operatingcommenced operations in fiscal 1994 with seven
stores in Ontario and hadpreviously operated by Aikenhead's. The Home Depot Canada opened an
additional threefive stores scheduled to open by April 1994. The
Company anticipates operating approximately 12during fiscal 1994 and seven stores throughout
major Canadian marketsduring fiscal 1995.
Approximately five additional new stores are planned for a total of 24 by the
end of fiscal 1994.1996.
From the end of fiscal 19881990 to the end of fiscal 1993,1995, the Company
increased its store count by an average of approximately 22%24 percent per year
(from 96145 to 264423 stores) and increased the total store square footage by an
average of approximately 26%27 percent per year (from 8,216,00013,278,000 to 26,383,00044,356,000
total square feet). The Home Depot expects to continue to increase its store
count in both existing and selected new markets on a basis consistent with its
previously statedcurrent policy of not exceeding a maximum growth rate of new stores of
approximately 2522 percent per year. The Home
Depot took advantage of recent competitive opportunities despite
this stated policy. During fiscal 1993,1995, the Company opened 5083
new stores and relocated sixfive existing stores, including the opening of approximately 1820
additional stores in the Northeast region, approximately 15 additional storesdivision, 22 in the Southeast region, includingdivision, 16
in the Expo Design Center store, and approximately
17 additional storesMidwest division, 16 in the Western region.division, two in the EXPO division
and seven stores in Canada. During fiscal 1994,1996, the Company anticipates
opening approximately 7090 to 95 new stores: 18with at least 25 in the Southeast,
1829 in the Northeast, 1914 in the West, 1017 in the Midwest, and five in Canada, plus
relocations of ninesix existing stores. New stores average approximately 102,000105,000
square feet with an additional 15,000 to 28,000 square feet of outside selling
and storage area.
Of the Company's 264423 stores, 61%71 percent are owned (including those owned
subject to a ground lease) consisting of approximately 16,197,0031,769,000 square feet
and 39%29 percent are leased consisting of approximately 10,186,00012,587,000 square feet.
In recent years, the relative percentage of new stores which are owned has
increased. The Company prefers to own stores because of the greater operating
control and flexibility, generally lower occupancy costs and certain other
economic advantages of owned stores. See "Management's Discussion and
Analysis of Results of Operations and Financial Condition--Liquidity and
Capital Resources."
The Company's executive, corporate staff and accounting office occupiesoffices occupy
approximately 371,000677,000 square feet of leased and owned space in twoseveral
locations in Atlanta, Georgia. The Company has acquired additional land in
Atlanta, Georgia and has commenced construction of replacement office
facilities. The new office facilities will be completed in stages generally to
coincide with the end of various lease terms and space requirements. In
addition, the Company occupies an aggregate of 122,500286,000 square feet, of which
68,50077,600 square feet is owned and 54,000208,000 square feet is leased, for divisional
officesstore support centers located in Atlanta, Georgia; Fullerton, California;
South Plainfield, New Jersey; Schaumburg, Illinois; Tampa, Florida; and
Tampa, Florida.Scarborough, Ontario, Canada.
The Company utilizes 2,493,000 square feet of warehousing and
distribution space of which 188,000 is owned and 2,305,000 is leased. The
Company has commenced construction on an approximate 1.4 million square foot
facility in Savannah, Georgia, for an import distribution facility. Imported
products will be staged in the distribution center pending shipment to the
stores.
Item 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings, other than
ordinary routine litigation incidental to the business, to which
theThe Company is a partydefendant in a consolidated class action lawsuit
(Butler et al. v. Home Depot, Inc. and Frank, et al. v. Home Depot, Inc., Case
Nos. 94-4335SI and 95-2182SI, respectively, pending in U.S. Dist. Ct., N.D.
Cal.) claiming gender discrimination in the Company's Western Division. The
action seeks injunctive and declaratory relief and damages. Discovery is in
its early stages. While the ultimate results of this litigation cannot be
determined, management does not expect that the resolution of this proceeding
will have a material adverse effect on the consolidated financial position or
to which anythe results of its property isoperations of the subject.Company.
The Company has other litigation arising from the normal course of
business. In management's opinion, this litigation will not materially effect
the Company's consolidated financial position or the results of operations.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of security holders during the fourth
quarter of the fiscal year ended January 30, 1994.28, 1996.
PART II
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Since April 19, 1984, the Common Stock of the Company has been listed on
the New York Stock Exchange under the symbol "HD". The table below sets forth
the high and low sales prices of the Common Stock on the New York Stock
Exchange Composite Tape as reported in The Wall Street Journal and the
quarterly cash dividends declared per share of Common Stock during the periods
indicated.
Cash
Price Range* Cash
---------------Range Dividends
Low High Declared*
--- ---- ----------Declared
Fiscal Year 19921994
First Quarter ended May 3, 1992 $29.75 $34.25 $.01501, 1994 $37.13 $44.63 $.03
Second Quarter ended August 2, 1992 30.88 38.00 .0225July 31, 1994 39.63 46.38 .04
Third Quarter ended November 1, 1992 36.75 43.75 .0225October 30, 1994 39.75 46.25 .04
Fourth Quarter ended January 31, 1993 42.75 51.50 .022529, 1995 44.13 48.25 .04
Fiscal Year 19931995
First Quarter ended May 2, 1993 $39.63 $50.50 $.0225April 30, 1995 $40.25 $50.00 $.04
Second Quarter ended August 1, 1993 41.13 47.00 .0300July 30, 1995 38.625 45.25 .05
Third Quarter ended October 31, 1993 35.00 47.25 .030029, 1995 36.625 44.875 .05
Fourth Quarter ended January 30, 1994 36.50 44.25 .030028, 1996 37.125 48.00 .05
Fiscal Year 19941996
First Quarter (through March 28, 1994) $37.13 $44.63 $.0300
_____________________________
* On July 1, 1992, the Company effected a three-for-two stock
split and on April 13, 1993, the Company effected a four-for-
three stock split, each in the form of a stock dividend, with
respect to the shares of Common Stock issued and outstanding on
June 11, 1992 and March 24, 1993, respectively. The prices in
the table set forth above have been adjusted by the Company to
give effect retroactively to such stock splits. Dividends
declared also have been adjusted to give effect to the stock
splits.22, 1996) $44.25 $50.375 $.05
____________________________
The Company paid its first cash dividend on June 22, 1987, and has since
paid dividends in each quarter. Future dividend policy will depend on the
Company's earnings, capital requirements, financial condition and other
factors considered relevant by the Board of Directors.
Number of Record Holders
The number of record holders of The Home Depot's Common Stock as of March
28, 199422, 1996 was 61,59666,025 (without including individual participants in nominee
security position listings).
Item 6. SELECTED FINANCIAL DATA
Reference is made to information for the fiscal years 1988-19931991-1995 under
the heading "Ten Year Selected Financial and Operating Highlights" contained
in the Company's Annual Report to Stockholders for the fiscal year ended
January 30, 1994,28, 1996, which information is incorporated herein by reference.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
Reference is made to information under the heading "Management's
Discussion and Analysis of Results of Operations and Financial Condition"
contained in the Company's Annual
Report to Stockholders for the fiscal year ended January 30, 1994,28, 1996, which
information is incorporated herein by reference.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Reference is made to information under the headings "Consolidated
Statements of Earnings," "Consolidated Balance Sheets," "Consolidated
Statements of Stockholders' Equity," "Consolidated Statements of Cash Flows,"
"Notes to Consolidated Financial Statements" and "Independent Auditors'
Report" contained in the Company's Annual Report to Stockholders for the
fiscal year ended January 30, 1994,28, 1996, which information is incorporated herein
by reference.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None
PART III
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information required by Item 10 is incorporated by reference from
the information in Registrant's proxy statement (filed or to be filed pursuant
to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994,29,
1996, except as to biographical information on Executive Officers which is
contained in Item I of this Annual Report on Form 10-K.
Item 11. EXECUTIVE COMPENSATION
The information required by Item 11 is incorporated by reference from
the information in Registrant's proxy statement (filed or to be filed pursuant
to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.29,
1996.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information required by Item 12 is incorporated by reference from
the information in Registrant's proxy statement (filed or to be filed pursuant
to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.
29,
1996.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by Item 13 is incorporated by reference from
the information in Registrant's proxy statement (filed or to be filed pursuant
to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.29,
1996.
PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. Financial Statements
The following financial statements are filed herewith by
incorporationincorporated by reference from
pages 2517 through 3830 of the Registrant's Annual Report to Stockholders for the
fiscal year ended January 30, 1994,28, 1996, as provided in Item 8 hereof:
- Consolidated Statements of Earnings for the fiscal years ended
January 28, 1996, January 29, 1995 and January 30, 1994, January 31, 1993 and February 2, 1992.1994.
- Consolidated Balance Sheets as of January 30, 199428, 1996 and January 31, 1993.29,
1995.
- Consolidated Statements of Stockholders' Equity for the fiscal
years ended January 28, 1996, January 29, 1995 and January 30, 1994, January 31, 1993 and February 2, 1992.1994.
- Consolidated Statements of Cash Flows for the fiscal years ended
January 28, 1996, January 29, 1995 and January 30, 1994, January 31, 1993 and February 2, 1992.1994.
- Notes to Consolidated Financial Statements.
- Independent Auditors' Report.
2. Financial Statement Schedules
The following financial statement schedules are filed herewith:
- Independent Auditors' Report on Financial Statement Schedules.
- Schedule I - Investments for the fiscal year ended January 30, 1994.
- Schedule II - Amounts Receivable from Related Parties and
Underwriters, Promoters and Employees Other Than Related Parties
for the fiscal years ended January 30, 1994, January 31, 1993
and February 2, 1992.
- Schedule V - Property and Equipment for the fiscal years
ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Schedule VI - Accumulated Depreciation and Amortization of
Property and Equipment for the fiscal years ended January 30, 1994,
January 31, 1993 and February 2, 1992.
All other schedules are omitted as the required information is inapplicable or
the information is presented in the consolidated financial statements or
related notes.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the last quarter of the
fiscal year ended January 30, 1994.28, 1996.
(c) Exhibits
Exhibits marked with an asterisk (*) are hereby incorporated by referencerefer-
ence to exhibits or appendices previously filed by the Registrant as indicated
in brackets following the description of the exhibit.
* 3.l*3.l Restated Certificate of Incorporation of The Home Depot, Inc., as
amended. [Form 10-K for the fiscal year ended January 29, 1989,1995,
Exhibit 3.1].
*
3.2 By-Laws, as amended [Form 10-K for the fiscal year ended
February 3, 1991, Exhibit 3.2].
*amended.
4.1 Indenture$800,000,000 Credit Agreement dated as of January 15, 1992December 20, 1995 among
The Home Depot, Inc., as issuer, Home Depot U.S.A., Inc., as guarantor,the Banks Listed Therein and Wachovia Bank
of Georgia, N.A., as trustee for $805,000,000,
4-1/2% Convertible Subordinated Notes due 1997. [Form 10-K for
the fiscal year ended February 2, 1992, Exhibit 4.2]Agent (without exhibits).
*10.1 Investment Banking Consulting Contract dated April 17, 1985
between Invemed Associates, Inc. and the Registrant. [Form 10-K
for the fiscal year ended February 2, 1992, Exhibit 10.1].
*10.2 +Corporate Office Management Bonus Plan of the Registrant dated
March 1, 1991. [Form 10-K for the fiscal year ended February 2,
1992, Exhibit 10.2].
*10.3 +Employee Stock Purchase Plan, as amended March 22, 1991amended. [Appendix BA to
Registrant's Proxy Statement for the Annual Meeting of
Stockholders held May 22, 1991].31, 1995]
10.4 +Senior Officers' Bonus Pool Plan, as adopted by the
Compensation Committee of the Board of Directors on February
23, 1994.
amended.
*10.5 +The Home Depot Employee Stock Ownership Plan and Trust, as
amendedamended. [Form 10-K for the fiscal year ended January 29, 1989,
Exhibit 10.7].
*10.6 +The Home Depot, Inc. 1991 Omnibus Stock Option PlanPlan. [Appendix A
to Registrant's Proxy Statement for the Annual Meeting of
Stockholders held May 22, 1991].
*10.7 +Executive Medical Reimbursement Plan, effective January 1, 19921992.
[Form 10-K for the fiscal year ended January 31, 1993, Exhibit
10.7].
*10.8 +The Home Depot ESOP Restoration Plan. [Form 10-K for the fiscal
year ended January 29, 1995, Exhibit 10.8]
11 Computation of Earnings Per Common and Common Equivalent Share.
13 The Registrant's Annual Report to Stockholders for the fiscal year
ended January 30, 1994.28, 1996. Only those portions of said report which
are specifically designated in this Form 10-K as being
incorporated by reference are being electronically filed pursuant
to the Securities Exchange Act of 1934.
21 List of Subsidiaries of the Registrant.
23 Consent of Independent Auditors.
24 Special Powers of Attorney authorizing execution of this Form 10-K
Annual Report have been granted and are filed herewith as follows:
Power of Attorney from Frank Borman.
Power of Attorney from Berry R. Cox.Johnnetta B. Cole.
Power of Attorney from Peter S. Gold.Berry R. Cox.
Power of Attorney from Milledge A. Hart, III.
Power of Attorney from James W. Inglis.
Power of Attorney from Donald R. Keough.
Power of Attorney from Kenneth G. Langone.
Power of Attorney from M. Faye Wilson.
- ----------------------27 Financial Data Schedule. [Filed electronically with SEC only]
+Management contract or compensatory plan or arrangement required to be filed
as an exhibit to this form pursuant to Item 14(c) of this report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant, The Home Depot, Inc., has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Atlanta, and State of Georgia on this 22nd31st day of
April, 1994.March, 1996.
THE HOME DEPOT, INC.
By: /s/ Bernard Marcus
(Bernard Marcus, Chairman of theBoard,the Board,
Chief Executive Officer and Secretary)
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant, The Home Depot, Inc., and in the capacities and on the dates
indicated.
Signature Title Date
- --------- ----- ----
/s/ Bernard Marcus Chairman of the Board, Chief April 22, 1994March 31, 1996
(Bernard Marcus) Executive Officer and Secretary
(Principal Executive Officer)
/s/ Arthur M. Blank President, Chief Operating April 22, 1994March 31, 1996
(Arthur M. Blank) Officer and Director
/s/ Ronald M. Brill Chief Financial Officer, April 22, 1994Executive Vice President, March 31, 1996
(Ronald M. Brill) ExecutiveChief Administrative Officer,
Assistant Secretary and Director
*
Director March 31, 1996
(Frank Borman)
Signature Title Date
*
Director March 31, 1996
(Johnnetta B. Cole)
*
Director March 31, 1996
(Berry R. Cox)
/s/Marshall L. Day Senior Vice President and
DirectorPresident- March 31, 1996
(Marshall L. Day) Chief Financial Officer
(Principal Financial and
Accounting Officer)
*
Director April 22, 1994
(Frank Borman)
Signature Title Date
- --------- ----- ----
* Director April 22, 1994
(Berry R. Cox)
* Director April 22, 1994
(Peter S. Gold)
* Director April 22, 1994March 31, 1996
(Milledge A. Hart, III)
*
Director April 22, 1994Executive Vice President March 31, 1996
(James W. Inglis) and Director
*
Director April 22, 1994March 31, 1996
(Donald R. Keough)
*
Director April 22, 1994March 31, 1996
(Kenneth G. Langone)
*
Director April 22, 1994March 31, 1996
(M. Faye Wilson)
* The undersigned, by signing his name hereto, does hereby sign this
report on behalf of each of the above-indicated directors of the
Registrant pursuant to powers of attorney, executed on behalf of each
such director.
By: /s/ Bernard Marcus
(Bernard Marcus, Attorney-in-fact)
KPMG Peat Marwick
Certified Public Accountants
303 Peachtree Street, N.E. Telephone 404 222 3000
Suite 2000 Telefax 404 222 3050
Atlanta. GA 30308
Independent Auditors' Report on Financial Statement Schedules
The BoardEXHIBIT INDEX
3.2 By-laws, as amended.
4.1 $800,000,000 Credit Agreement dated as of Directors
and StockholdersDecember 20, 1995 among The
Home Depot, Inc.:
Under date, the Banks Listed Therein and Wachovia Bank of March 11, 1994, we reported on the consolidated balance
sheets of The Home Depot, Inc. and subsidiariesGeorgia,
N.A., as of January 30, 1994
and January 31, 1993, and the related consolidated statements of
earnings, stockholders' equity, and cash flows for each of the years in
the three-year period ended January 30, 1994, as contained in the
January 30, 1994 annual report to stockholders. These consolidated
financial statements and our report thereon are incorporated by
reference in the annual report on Form 10-K for the year ended January
30, 1994. In connection with our audits of the aforementioned
consolidated financial statements, we also have audited the related
financial statement schedules as listed in Item 14. These financial
statement schedules are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial
statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in
relation to the basic consolidated financial statements taken as whole,
present fairly, in all material respects, the information set forth
therein.
/s/KPMG PEAT MARWICK
March 11, 1994
Schedule I
The Home Depot, Inc.
Investments
As of 1-30-94
(000's)
Col A. Col. B Col. C Col. D Col. E
Amount At
Market Which Carried
Category Principal Cost Value @ 1-30-94 On Balance Sheet
Tax-exempt notes and bonds $100,110 $105,473 $105,419 $104,997
U.S. Treasury securities 60,915 61,339 61,717 61,285
U.S. government agency
securities 74,392 74,983 74,898 74,941
Commercial paper 15,285 16,496 16,437 16,496
Certificates of deposit 30,000 30,000 29,811 30,000
Corporate bonds 208,500 210,714 212,172 209,902
Preferred stock 46,850 46,831 47,144 46,831
Asset-backed securities 60,397 61,351 61,357 61,288
Other 6,500 7,052 6,894 6,859
-------- -------- -------- --------
$602,949 $614,239 $615,849 $612,599
======== ======== ======== ========
Schedule II
Amounts Receivable From Related Parties
and Underwriters, Promoters and Employees
Other Than Related Parties
Col. A Col. B Col. C Col. D Col. E
Balance at End
Deductions of Period
Balance at (1) (2) (1) (2)
Name of Beginning of Amt. Written Not
Debtor Period Additions Amt. Collected Off Current Current
Fiscal Year 1993:
Don Ingham (a) --- $100,000 $100,000 --- --- ---
Lynn Martineau (a) $100,000 --- $100,000 --- --- ---
Bernard Wolford (a) --- $125,000 $125,000 --- --- ---
Fiscal Year 1992:
Dennis Ryan (a) $ 35,241 --- $ 35,241 --- --- ---
Bryant Scott (a) $100,000 --- $100,000 --- --- ---
Lynn Martineau (a) --- $100,000 --- --- $100,000 ---
Fiscal Year 1991:
Bryant Scott (a) --- $100,000 --- --- $100,000 ---
Dennis Ryan (a) $ 70,483 --- $ 35,242 --- $ 35,241 ---
Ken Ubertino (a) $280,000 --- $280,000 --- --- ---
Harry Pierce (a) $100,000 --- $100,000 --- --- ---
(a) Non-interest bearing note was issued in conjunction with purchase of new home and is payable upon
sale of existing home and/or from proceeds of annual bonuses or sales of stock through 1994.
Schedule V
Property and Equipment
Col. A Col. B Col. C Col. D Col. E Col. F
(In thousands)
Other
changes -
Balance at add Balance
beginning Additions (deduct) - at end
Classification (1) of period at cost Retirements describe of period
Fiscal year 1993
Land $ 502,022 $332,579 $20,161 --- $ 814,440
Buildings 619,909 280,713 8,867 --- 891,755
Furniture, fixtures,
and equipment 344,139 139,785 32,135 --- 451,789
Leasehold improvements 212,196 24,880 12,143 --- 224,933
Construction in progress 101,064 93,912 494 --- 194,482
Capital leases 12,446 28,583 --- --- 41,029
---------- -------- ------- --- ----------
$1,791,776 $900,452 $73,800 --- $2,618,428
========== ======== ======= === ==========
Fiscal year 1992
Land $ 379,073 $125,580 $ 2,631 --- $ 502,022
Buildings 444,249 177,939 2,279 --- 619,909
Furniture, fixtures,
and equipment 253,831 104,273 13,965 --- 344,139
Leasehold improvements 178,460 39,389 5,654 --- 212,196
Construction in progress 120,390 (14,970) 4,356 --- 101,064
Capital leases 7,380 5,066 --- --- 12,446
---------- -------- ------- --- ----------
$1,383,383 $437,277 $28,885 --- $1,791,776
========== ======== ======= === ==========
Fiscal year 1991
Land $ 262,560 $117,632 $ 1,119 --- $ 379,073
Buildings 272,095 172,313 159 --- 444,249
Furniture, fixtures,
and equipment 186,025 72,153 4,347 --- 253,831
Leasehold improvements 160,760 23,907 6,207 --- 178,460
Construction in progress 82,179 38,813 602 --- 120,390
Capital leases --- 7,380 --- --- 7,380
---------- -------- ------- --- ----------
$ 963,619 $432,198 $12,434 --- $1,383,383
========== ======== ======= === ==========
(1) Estimated useful lives used for property and equipment are:
Buildings 20-45 years
Furniture, fixtures, and equipment 5-20 years
Leasehold improvements 8-30 years
Schedule VI
Accumulated Depreciation and Amortization
of Property and Equipment
Col. A Col. B Col. C Col. D Col. E Col. F
In thousands
Other
Additions changes -
Balance at charged to add Balance
beginning costs and (deduct) - at end
of period expenses Retirements describe of period
Fiscal year 1993
Buildings $ 44,573 $21,933 $ 1,361 --- $ 65,145
Furniture, fixtures,
and equipment 93,714 46,398 16,992 --- 123,120
Leasehold improvements 45,505 16,514 3,182 --- 58,837
Capital leases --- 422 --- --- 422
--------- ------- ------- --- --------
$ 183,792 $85,267 $21,535 --- $247,524
========= ======= ======= === ========
Fiscal year 1992
Buildings $ 28,974 $16,110 $ 511 --- $ 44,573
Furniture, fixtures,
and equipment 66,949 33,882 7,117 --- 93,714
Leasehold improvements 32,686 14,985 2,166 --- 45,505
-------- ------- ------ --- --------
$128,609 $64,977 $9,794 --- $183,792
======== ======= ====== === ========
Fiscal year 1991
Buildings $17,568 $11,416 $ 10 --- $ 28,974
Furniture, fixtures,
and equipment 44,549 24,633 2,233 --- 66,949
Leasehold improvements 22,772 12,989 3,075 --- 32,686
------- ------- ------ --- --------
$84,889 $49,038 $5,318 --- $128,609
======= ======= ====== === ========
EXHIBIT INDEXAgent (without exhibits).
10.4 Senior Officers' Bonus Pool Plan, as adopted by the Compensation
Committee of the Board of Directors on February 23, 1994.amended.
11 Computation of Earnings Per Common and Common Equivalent Share.
13 The Registrant's Annual Report to Stockholders for the fiscal year ended
January 30, 1994.28, 1996. Only those portions of said report which are
specifically designated in this Form 10-K as being incorporated by
reference are being electronically filed pursuant to the Securities
Exchange Act of 1934.
21 List of Subsidiaries of the Registrant.
23 Consent of Independent Auditors.
24 Special Powers of Attorney authorizing execution of this Form 10-K
Annual Report have been granted and are filed herewith as follows:
Power of Attorney from Frank Borman.
Power of Attorney from Berry R. Cox.Johnnetta B. Cole.
Power of Attorney from Peter S. Gold.Berry R. Cox.
Power of Attorney from Milledge A. Hart, III.
Power of Attorney from James W. Inglis.
Power of Attorney from Donald R. Keough.
Power of Attorney from Kenneth G. Langone.
Power of Attorney from M. Faye Wilson.
27 Financial Data Schedule. [Filed Electronically with S.E.C. Only]