The Home Depot Supply reported $2.1 billion in first quarter 2006 sales, compared with $657 million in the same period in 2005, thanks to a series of acquisitions. Home Depot, Atlanta, GA, reported overall first quarter revenues of $21.5 billion, a 13.1% increase from the first quarter 2005.
Home Depot reported net income of $1.4 billion in first quarter 2006, a 19% increase over the same period last year. Home Depot reported its supply division's operating profit was $149 million compared with $28 million in the first quarter 2005.
During the first quarter, Home Depot acquired Hughes Supply for $3.4 billion. The transaction more than doubled the size of Home Depot Supply, which has more than 900 locations nationwide and in Canada with projected fiscal sales approaching $12 billion. The results of Hughes Supply are included in the company's consolidated results beginning March 30, 2006, the date of the acquisition.
Home Depot Supply is still growing: May 1, 2006, Home Depot acquired Cox Lumber, a $396 million privately owned lumber company in Florida. Cox joins the company's Williams Bros. Lumber business, and together they operate 48 branches in the Atlanta and Central Florida markets.
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