The Home Depot Today
Home Depot stores average 105,000 ft² (9,755 m²) in size and are organized warehouse-style, stocking a large range of supplies. Home Depot's largest store is located in Anaheim, California. It is also the second and eighth largest employer in Signal Hill, CA. The company color is a bright orange (PMS 165, CMYK 60M100Y, HEX FF6600), on signs, equipment and employee aprons.
Its 2005 sales totaled US$91.8 billion (US$77.0 billion in retail sales). Despite the 10% increase in revenue, it dropped three spots to No. 17 on the 2007 FORTUNE magazine's FORTUNE 500 list (it was No. 13 in 2005 and No. 14 in 2006). The Home Depot owned EXPO Design Center, a chain of home decorating and appliance stores, but closed the chain in 2009. In 2006, the Home Depot acquired Hughes Supply which was assimilated into HD Supply serving contractors, which it sold in June 2007. In September 2005, Home Depot Direct launched its online home-furnishings store, 10 Crescent Lane, shortly followed by the launch of Paces Trading Company, its online lighting store. In mid 2006, the Home Depot acquired Home Decorators Collection which was placed as an additional brand under its Home Depot Direct Division. Home Depot Landscape Supply, with only a few stores each in metro Atlanta and Dallas/Fort Worth, was founded in 2002 and closed in late 2007.
On January 2, 2007, the Home Depot and Robert Nardelli mutually agreed on Nardelli's resignation as CEO after a six-year tenure. Nardelli resigned amid complaints over his heavy-handed management and whether his pay package of $123.7 million, excluding stock option grants, over the past 5 years was excessive considering the stock's poor performance versus its competitor Lowe's. His severance package of $210 million has been criticized because when the stock went down his pay went up. His successor is Frank Blake, who previously served as the company's vice chairman of the board and executive vice president. Blake agreed to a much more conservative compensation package than his predecessor that is very heavily dependent upon the success of the company.
In 2008 and 2009, with the downturn in the housing market, The Home Depot announced the layoff of several thousand associates, as well as the closing of 54 stores nationwide, including the entire EXPO Design Center chain. In the year to February 2009 sales totaled $71.288 billion, more than $20 billion down from the peak of two years earlier due to the sale of HD Supply and falling revenue at the retained business.
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