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.
For more details on Home Depot and Home Depot Supply first quarter earnings, click here.
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