Home Depot -VS- Lowes Essay

This essay has a total of 3561 words and 22 pages.

Home Depot -VS- Lowes

Home Depot / Lowe's Financial Analysis 1
Running head: THE HOME LEADER -VS- IMPROVING HOME IMPROVEMENTS
The Home Leader -vs- Improving Home Improvements
James J. Elliott
Capella University
Douglas Smith, PhD
Accounting and Finance in Organizations
Home Depot / Lowe's Financial Analysis 2
Abstract
An industry of competition, and tight margins The Home Depot, and Lowe's Company are still
at it. Both of these companies stand now as the industry standard for the home improvement
sector. The numbers that will be presented in this study show proof that both companies
have extremely strong financial positions, and a long future in the home improvement
industry. Competition is good for the retailer, but even better for the customer. Each
company has its strengths and limitations. The decision on which retailer is the better
one must be decided by the individual analyzing of each company. The Home Leader -vs-
Improving Home Improvements.

Home Depot / Lowe's Financial Analysis 3
Table of Contents
The Home Depot
Company............................................................................................................4

Introduction.............................................................................................................................................4

Business Description / Strategic
Analysis................................................................................................5

Strategy, Products and Market
Overview.................................................................................................5

Financial Statements
Analysis..................................................................................................................7

The Lowe's
Company.....................................................................................................................8

Introduction.............................................................................................................................................8

Business Description / Strategic
Analysis................................................................................................9

Financial Statements
Analysis................................................................................................................10

Cash Flow
Statements...................................................................................................................10

Home Depots Cash Flow
Statement.......................................................................................................10

Lowe's Cash Flow
Statement..................................................................................................................11

Solvency, Liquidity, and
Profitability...........................................................................................12

Home Depots Solvency, liquidity, and
profitability...............................................................................12

Lowe's Solvency, liquidity, and
profitability..........................................................................................13

Impacting Regulatory
Bodies.......................................................................................................13

Investment
Bankers.......................................................................................................................14

Conclusion...................................................................................................................................14

Refrences......................................................................................................................................16

Appendix
A................................................................................................................................187

The Home Depot
Company..................................................................................................................187

Consolidated Statements of
Earnings...............................................................................................................188

Consolidated Balance
Sheets..........................................................................................................................189

Consolidated Statements of Stockholders' Equity and Comprehensive
Income................................................20

Consolidated Statements of Cash
Flows............................................................................................................21

Appendix
B..................................................................................................................................22

The Lowe's Company
Inc......................................................................................................................22

Consolidated Statements of
Earnings.................................................................................................................23

Consolidated Balance
Sheets............................................................................................................................24

Consolidated Statements of Stockholders' Equity and Comprehensive
Income................................................25

Consolidated Statements of Cash
Flows............................................................................................................26

Home Depot / Lowe's Financial Analysis 4
The Home Leader -vs- Improving Home Improvements
The Home Depot Company
Introduction
Home Depot company offer a wide range of merchandise and services, and serve three primary
customer groups: do-it-yourself customers, do-it-for-me customers and professional
customers. A classic Home Depot store stocks approximately 40,000 to 50,000 product items,
including variations in color and size. Major product groups include building materials,
lumber plumbing, electrical and kitchen; hardware and seasonal, and paint, flooring and
wall coverings. To balance the national brand name products it offers, the Company has
formed strategic associations with vendor partners to market products under brand names
that are only offered through The Home Depot. "As of fiscal year-end 2001, the Company
offered products under more than 30 proprietary and other exclusive brands, including
Thomasville kitchen and bathroom cabinets; RIDGID power tools; Behr Premium Plus paint;
Mill's Pride cabinets; GE SmartWater water heaters, and Vigoro fertilizer." ("The Home
Depot", 2004)

"Founded in 1978, in Atlanta, Georgia, The Home Depot is the world's largest home
improvement retailer currently operating 1,800 stores, including 1,649 Home Depot stores,
50 EXPO Design Centers, one Floor Store and three HD Landscape Supply stores in the United
States, 84 Home Depot stores in seven Canadian provinces, seven Home Depot stores in
Puerto Rico and ten in Mexico." The company reported employees approximately 280,000
people.

Home Depot / Lowe's Financial Analysis 5
Business Description / Strategic Analysis
The Home Depot is recognized as being the leader in the home improvement retail industry
by combining the economies of scale inherent in a warehouse format with a level of
customer service unparalleled among warehouse-style retailers. ("Home Depot to", 1999)

Each Home Depot store stocks approximately 40,000 to 50,000 different kinds of building
materials, home improvement supplies and lawn and garden products. New Home Depot stores
in the U.S. and Canada range from 114,000 square feet with an additional 20,000 square
foot garden center. The stores have a design center staffed by specialized designers who
offer free in-store consultation for home enhancement projects ranging from lighting to
computer-assisted design for kitchens and bathrooms.

Home Depot offers installation services of select products ranging from single-items such
as carpet to more extensive projects such as kitchen cabinets. The company is also testing
the At-Home Services program which will offer complete installation of roofing, siding,
and window products in limited markets. Home Depot's company stated vision is described in
the case as "to be one of the most successful retailers in the next millennium" which is
further defined by Home Depot's management as "the most successful retailers... will be
those, among other things, can effectively profitability extend their reach to global
markets". ("The Home Depot", 2004) Management at Home Depot also states that they plan to
take the existing success in areas where they have a base business and use this base to
expand into other markets.

Strategy, Products and Market Overview
I believe that Home Depot has done an excellent job at reaching its goals in the past ten
years. They have been able to expand their market by aggressively opening several store

Home Depot / Lowe's Financial Analysis 6
locations and using a clustering strategy. In doing this they have become a market leader
and they have also been able to keep their SG&A expenses down by eliminating redundant
expenses by spreading them out between stores close in proximity to each other. Home Depot
is facing a few problems in order to continue reaching its stated goal(s) of becoming a
global leader and expanding their existing market. There are a few established business
that are in direct competition with Home Depot such as Lowe's, their number one
competitor, and other companies such as Eagle Hardware & Garden of Seattle, who has been
preparing for the intense competition that Home Depot will bring them for several years.

They also face the problem with trying to expand their base in the Professional Business
Segment of which they only hold about 4% of this market. Their competitors in this area
are smaller businesses that have focusing on this market for some time. The EXPO Design
Center enables customers to obtain expert advice and top quality products for projects as
simple as matching paint swatches to total turnkey kitchen and bath renovations within its
unique custom showrooms. The company offers facilities maintenance and repair products,
and wallpaper and custom window treatments via direct mail through subsidiaries
Maintenance Warehouse® and National Blinds and Wallpaper, Inc.

The Home Depot presently operates in 50 states in the United States and the District of
Columbia. The company also operates in seven Canadian provinces: Alberta, British
Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. ("The Home Depot",
2004)

The company's progressive culture includes a munificent budget of more than $25 million
for 2002, which is directed back to the communities Home Depot serves and the interests of
its associates through a Matching Gift Program. The major focuses are affordable housing,
at-risk youth, the environment and disaster recovery. Team Depot, an organized volunteer
force,

Home Depot / Lowe's Financial Analysis 7
was developed in 1992 to promote volunteer activities within the local communities the
stores serve. ("The Home Depot", 2004)

The company's stock is publicly traded (NYSE:HD) and is included in the Standard & Poor's
500 Index and the Dow Jones 30 Industrial Index.

Financial Statements Analysis
Liquidity Ratios
Current Ratio = 2.862
Acid-test Ratio = .4133
Working Capital = 224 Billion
Inventory Turnover Ratio =
4.8 times each year
Accts. Receivable Turnover Ratio
= 2.3 times each year
Solvency ratios
Debt to Equity = 0.349
Times Interest Earned = -150.3
Profitability ratios
Return on Assets = 0.4982
Return on Equity = 0.3053
Gross Margin Percentage = 31 %
Earnings per Share = 57.5
Market Indicators
Price-Earnings Ratio = 0.00086
Dividend-Yield Ratio = 0.263
Formulations contributing to analysis were derived from: ("The Home Depot", 2004) and (Norman, 2004)
Home Depot / Lowe's Financial Analysis 8
The Lowe's Company
Introduction
The Lowe's story began in North Carolina more than 59 years ago when H. Carl Buchan, part
owner of the North Wilkesboro Hardware Company, envisioned creating a chain of hardware
stores. At the time, Lowe's was a typical, small town hardware store selling everything
from overalls and snuff to wash tubs and work boots. Lowe's even sold horse collars at its
first store in downtown North Wilkesboro. ("Our Heritage", 2005, p. 1)

Carl Buchan later bought-out his brother-in-law and partner, James Lowe, and foreseeing
the post-World War II building boom, concentrated on selling only hardware, appliances and
hard-to-find building materials. By eliminating wholesalers and dealing directly with
manufacturers, Lowe's established a lasting reputation for low prices. Sales grew over
time and additional Lowe's stores opened in neighboring towns throughout western North
Carolina. ("Our Heritage", 2005, p. 2)

The company went public in 1961, and began trading on the New York Stock Exchange in 1979
(NYSE: LOW). During this time, U.S. housing starts soared and professional builders became
Lowe's loyal customers, accounting for the majority of Lowe's business. In 1982, Lowe's
had its first billion-dollar sales year, earning a record profit of $25 million. Lowe's
stores then reported serving a new type of customer: do-it-yourself homeowners seeking to
improve the value of their properties. Anticipating their needs while still accommodating
Continues for 11 more pages >>




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