ATLANTA–The fiscal year came to a happy end for The Home Depot, with net income jumping 72 percent to $587 million.
Net sales for the quarter, which ended Jan. 30, edged up 3.8 percent to $15.1 billion. However, Home Depot was able to trim operating expenses by 1.9 percent on a dollar basis and 161 basis points as a percentage of sales, to 27.8 percent. The company also improved gross margin by 145 basis points to 35.9 percent.
Net income for the whole fiscal year rose 25 percent to $3.3 billion. Net sales finished at $68 billion, up 2.8 percent.
Frank Blake, Home Depot’s chairman and chief executive officer, attributed to strong overall performance to several initiatives. The company completed the rollout of its Rapid Deployment Centers as part of its distribution network, enjoyed improvement in customer-service ratings and made further progress in merchandising transformation, Blake said.