The Home Depot announces 15 percent increase in quarterly dividend

The Home Depot store on Cumberland ParkwayThe Home Depot store on Cumberland Parkway (photo by Larry Felton Johnson)

The Home Depot, headquartered in Cobb County, and one of its largest employers, announced a 15 percent increase in its quarterly dividend during a conference call Tuesday, bringing the dividend to $1.03 per share.

The press release announcing the conference call stated that the Tax Cuts and Jobs Act of 2017 is expected to result in an addition $150 million in taxes to the company. In a previous press release in January, the company stated, “it currently estimates that the impact of the Tax Cuts and Jobs Act of 2017 will result in additional net tax expense of approximately $150 million in the fourth quarter of fiscal 2017 primarily related to taxes on unremitted offshore earnings.”  The January press release said they expect the future impact of the Act to be beneficial to the company, but that it is still evaluating all provisions of the legislation.

According to their press release:

Sales for fiscal 2017 were $100.9 billion, an increase of 6.7 percent from fiscal 2016. Total company comparable store sales for fiscal 2017 increased 6.8 percent, and comp sales for U.S. stores were positive 6.9 percent for the year.

Earnings per diluted share in fiscal 2017 were $7.29, compared to $6.45 per diluted share in fiscal 2016, an increase of 13.0 percent.

Home Depot has 2,284 stores, in all 50 states, 10 Canadian provinces, Guam, and the U.S. Virgin Islands. It has more than 400,000 employees.