<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
            ______________________________________________________

                                   FORM 10-K
(Mark One)

[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934

        For the fiscal year ended January 31, 2000.

[_]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

        For the transition period from _____________ to ___________


                        Commission File Number: 0-21448

                          National Home Centers, Inc.
            (Exact name of registrant as specified in its charter)

             Arkansas                                       71-0403343
   (State or other jurisdiction of          (I.R.S. Employer Identification No.)
   incorporation or organization)

           Highway 265 North
           Springdale, Arkansas                                72765
(Address of principal executive offices)                    (Zip Code)

      Registrant's telephone number, including area code: (501) 756-1700

       SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: None

          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

      Common Stock, $.01 par value traded on the Nasdaq Small Cap Market

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X]  No [_]

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K ((S) 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment of this Form 10-K [_]

     On April 14, 2000, there were outstanding 7,142,251 shares of the
registrant's Common Stock, $.01 par value.

     The aggregate market value of the 2,470,219 shares of Common Stock held by
non-affiliates of the registrant as of April 14, 2000 was $3,319,974.

     DOCUMENTS INCORPORATED BY REFERENCE

     National Home Centers, Inc. Annual Report for fiscal year ended January 31,
2000 (certain portions incorporated by reference into Part II)

     Proxy Statement for Annual Meeting of Stockholders, June 8, 2000 and
Adjournments (certain portions incorporated by reference into Part III)
<PAGE>

PART I

Items 1 and 2.  Business and Properties.

                                  THE COMPANY
Background

     General. National Home Centers, Inc. ("NHC" or the "Company") started its
building supply operations in 1972 and opened its first store, serving primarily
professional contractors, in 1977. In 1983, NHC began implementing a dual-
customer strategy, serving both professional contractors and retail consumers.
Since 1998, NHC has shifted its focus back to professional contractors. Today,
the Company operates seven contractor sales locations and one appliance sales
warehouse in the State of Arkansas, and approximately 83% of its sales are to
contractor consumers.

     The Company operates its stores in four Arkansas markets: Northwest
Arkansas (2 stores); Little Rock (3 stores); Russellville (2 stores); and Fort
Smith (1 store). NHC also operates fabrication facilities for value-added
conversion products such as countertops, pre-hung door units, and window units.

     Executive Offices. The Company's executive offices are located at Highway
265 North, Springdale, Arkansas 72765. The Company's telephone number is (501)
756-1700.

                                   BUSINESS

General

     The Company is a retailer of home improvement products and building
materials with an established core market primarily in Arkansas, but including
Oklahoma and Missouri. The Company operates large building supply operations
serving both retail consumers and professional contractors. NHC's business
strategy capitalizes on professional contractor sales by providing a broad
product assortment and a full range of services in each of its four Arkansas
markets.

     The Company operates in the highly competitive home improvement industry.
NHC's primary competition comes from other lumberyards, as well as home centers,
discount retail stores, supermarkets, warehouse stores, certain specialty
stores, traditional hardware, and plumbing and electrical suppliers.  The
introduction of national and/or regional home improvement stores to NHC's
markets has significantly increased competition for market share in recent
years.  In an attempt to gain market share, these new competitors have offered
reduced prices on products similar to those carried by NHC.  This has placed
pressure on NHC's stores and its prospective sales, gross margins, and operating
income.  Although NHC's markets are fairly saturated and few national or
regional chains are aggressively expanding, it is possible that competition will
continue to increase in those markets served by NHC.  Such additional
competition may adversely affect the Company's future earnings.

Reduction in Exposure of Retail Assets

     The Company initially entered the retail segment of the market in the early
1980's primarily as a hedge against rising interest rates and reduced housing
starts. As a result of the recent drastic increase in competition for the retail
home improvement dollar and a non-inflationary economic environment, NHC has
reevaluated its niche in the industry. The Company has reduced its exposure to
the retail segment of the home improvement industry. Because regional
contractors have long recognized NHC as a quality operation and because the
Company has developed a strong, loyal following of contractors, NHC has
reemphasized and refocused its efforts on becoming the leader in the
professional contractor market. In

                                       2
<PAGE>

the year ended January 31, 2000 (fiscal 1999), sales revenues from professional
contractors were approximately 83% of the Company's total revenues. The Company
expects sales to professional contractors to be over 80% of future revenues. NHC
continues to explore industry consolidation possibilities including, but not
limited to, acquisition of other contractor-related companies.

Capitalization of the Company

     On July 15, 1998, the Company entered into a loan and security agreement
with a financial institution for a new $20 million revolving credit agreement,
which expires in July, 2002.  The agreement provides for interest to be charged
at .50% per annum in excess of the Prime Rate. The agreement limits availability
to a borrowing base of 85% of eligible accounts receivable and 65% of eligible
inventory, with each capped at $10 million.  The facility does not contain any
financial covenants.  The Company had additional available borrowing capacity of
approximately $1.3 million under the revolving credit agreement as of January
31, 2000.

Reduction of Accounts Payable and Long-Term Debt

     The Company has made significant strides to pay down debt since 1998.  By
doing so, NHC is now able to focus its efforts on implementing a long-term
strategy for continued competition in the home improvement industry.  The
following highlight these efforts:

     . Outside of normal operating activities, NHC generated approximately
       $28,000,000 during fiscal 1998 by refinancing existing debt, reducing
       inventory balances, and monetizing non-producing assets. The majority of
       this amount was used to reduce accounts payable and other long-term debt.

     . Since July, 1998, the Company has been current with all of its trade
       vendors, has reestablished credit lines, and is taking advantage of
       vendor discounts.

     . NHC has improved its capital structure by obtaining more favorable terms
       on its debt instruments with no financial covenants.

Store Properties

     The following table shows the location, opening date, size,
retail/contractor sales mix and approximate number of SKUs of each of the
Company's stores:

<TABLE>
<CAPTION>
                                                         Area in Square Feet
                                Opening                  -------------------     Retail/Contractor             Fabrication
       Store Location            Date       Acreage     Retail      Warehouse         Mix (%)          SKUs     Operations
       --------------            ----       -------     ------      ---------         -------          ----     ----------
<S>                            <C>          <C>         <C>         <C>          <C>                  <C>      <C>
I.    Northwest
      Arkansas
      Springdale                 11/83        21        49,300       190,000           20/80          14,000    door, window
      Bentonville                06/92        6         20,200        18,000           0/100           5,000    door, window

II.   Fort Smith

      Fort Smith                 12/77        10        31,100       110,000           0/100           8,000    door, window
</TABLE>

                                       3
<PAGE>

<TABLE>
<CAPTION>
                                                         Area in Square Feet
                                Opening                  -------------------     Retail/Contractor             Fabrication
       Store Location            Date       Acreage     Retail      Warehouse         Mix (%)          SKUs     Operations
       --------------            ----       -------     ------      ---------         -------          ----     ----------
<S>                            <C>          <C>         <C>         <C>          <C>                  <C>      <C>
III.  Little Rock
      North Little Rock          10/85        13        96,200       150,000           40/60          27,000    door, window
      Conway Contractor          05/93        4              0        30,000           0/100           4,000    door, window
      Maumelle                   06/93        3              0        20,000           0/100             900

IV.   Russellville
      Russellville               06/93        14        30,000        80,000           0/100          12,000    door, window
      Clarksville                09/95        1              0        14,000           0/100           5,000         --
                                                       -------       -------
             Total area                                226,800       612,000
</TABLE>

     The Springdale, Bentonville, Fort Smith and North Little Rock stores are
leased from the Company's chairman and/or his spouse. The Clarksville, Maumelle
and a portion of the Russellville properties are leased from third parties.
Lease terms for these properties range from 10 to 15 years and provide for
renewal options. The Conway contractor and a portion of the Russellville
property are owned by the Company.

     The Company owns the land and building for the closed Conway retail store
and leases approximately one-third of the store to Office Depot, Inc. The Rodney
Parham store is leased from an unaffiliated third party. The Company subleases
approximately one-half of the store to SteinMart, Inc. The lease currently
expires June 30, 2003, however, the Company has signed a letter of intent to buy
out the lease which is expected to occur prior to June 30, 2000.

     On July 15, 1998, the Company sold the real property and improvements
associated with its closed Fayetteville, Arkansas, supercenter to Home Depot,
Inc. On July 30, 1998, the Company sold the real property, improvements and
certain fixed assets associated with its closed Rogers, Arkansas, supercenter to
Lowe's Companies, Inc. Proceeds of the sales were used to reduce indebtedness
associated with the properties and for general working capital.

     The Company owns a thirty (30) acre parcel in Branson, Missouri. The parcel
is owned free of debt and has been placed on the market for sale.

Fabrication Facilities

     NHC maintains fabrication facilities in Springdale, Bentonville, Fort
Smith, Russellville, Conway and North Little Rock for value-added conversion
products, such as counter tops, pre-hung door units and window units. Management
believes that this vertical integration provides an advantage in serving
professional contractors by offering them a wide variety of products at
competitive prices, thus encouraging increased sales. The Company's door shops
are equipped with modern, automated machinery and are capable of producing high-
quality interior and exterior door units at competitive prices. The Company
manufactures over 9,000 pre-hung door units per month. Door shops, which also
are equipped and staffed to custom cut and produce laminated kitchen and bath
counter tops, serve both retail customers and professional contractors and
enable the Company to provide prompt, local service at lower costs. Management
believes that its fabrication facilities are adequate to meet existing and
foreseeable needs.

                                       4
<PAGE>

Products

     The Company's stores offer a large selection of lumber, building materials,
hardware and tools, electrical and plumbing supplies, paint, lighting, home
decor, pre-hung doors, windows, appliances, cabinets, garden supplies and
seasonal items. Each store currently stocks between 900 and 27,000 SKUs. Many of
the items sold in the Company's stores are nationally advertised, brand-name
products. NHC classifies its product offerings into five categories:

  Building Materials--Dimensional lumber, plywood, roofing, trusses, siding,
  windows, finish lumber, pre-hung doors and mouldings.

  Hardware/Plumbing/Electrical--Electrical wire and wiring materials, lighting
  fixtures, plumbing materials, power and hand tools, and door locks.

  Home Decor--Paint, wall and floor coverings and housewares.

  Appliances/Cabinets--Kitchen appliances, washers, dryers, cabinets and
  fireplaces.

  Lawn and Garden--Plants, fertilizer, mowers, garden tools and outdoor
  furniture.

     The percentage of sales accounted for by the merchandise categories for
each of the Company's three most recent fiscal years were as follows:

<TABLE>
<CAPTION>
                                             Fiscal Year Ending January 31,
Products                                    2000          1999          1998
--------                                    ----          ----          ----
<S>                                         <C>           <C>           <C>
Building Materials                            71            61            54
Hardware/Plumbing/Electrical                  11            15            18
Home Decor                                     8             9            10
Appliances/Cabinets                            8            10            10
Lawn and Garden                                2             5             8
                                            ----          ----          ----
Total                                        100%          100%          100%
</TABLE>

Purchasing

     Except for pre-hung doors which are fabricated by the Company, NHC
purchases its merchandise from more than 650 manufacturers and suppliers. No
single supplier accounted for more than 10% of NHC's total purchases in fiscal
1999. The Company believes it has good relationships with its suppliers and does
not consider itself dependent upon any single source for its merchandise.
Management does not believe that the loss of any single supplier would have a
material adverse effect on the Company.

     The Company's corporate merchandise buyers, located in the Springdale
corporate office, make all decisions on new products to be sold in NHC stores.
Once the corporate buyers have selected a new product, they issue initial
purchase orders for all NHC stores where that product will be sold. Buyers in
each store are responsible for making subsequent orders for all in-stock
merchandise. Each store's computer system tracks the quantity of any product
sold and automatically generates recommended purchase orders which are edited by
store buyers who then issue purchase orders directly to the vendor. Merchandise
is typically shipped directly to the store that will stock the product. In
addition, sales volumes resulting from successful implementation of the
Company's dual-customer strategy permit NHC to maximize economies available from
discount purchases. These large volume purchases may be shipped to the Company's
Springdale or North Little Rock stores for subsequent distribution to other NHC
stores in those markets.

Credit

     NHC offers credit for professional contractors which allows those customers
to make purchases at any NHC store. Professional contractors make the majority
of their purchases on credit. Subcontractors

                                       5
<PAGE>

hired by a professional contractor, as well as the property owner, may charge
materials purchased for that job to the professional contractor's account.
Credit policies and procedures are established by the Company's credit
department, and all professional contractor sales representatives are trained in
those policies and procedures. Each of NHC's market areas has a dedicated credit
manager who interacts with sales representatives, management and credit agencies
to manage and monitor customer credit. The Company also has a Corporate Credit
Manager who oversees five area credit managers and activities and policies
relating to contractor receivables. NHC's credit policies are designed to
maximize extension of credit to professional contractors without unduly risking
bad credit. Credit sales accounted for substantially all of NHC's total sales to
professional contractors in fiscal 1999, while the Company's credit loss was
0.24% of contractor sales. In addition, NHC accepts third-party credit cards
such as MasterCard, Visa, American Express and Discover. Approximately 38% of
NHC's retail sales were made on third-party and proprietary credit cards in
fiscal 1999.

Marketing

     NHC offers various volume-oriented price levels to professional contractors
to promote larger purchases. The Company's computerized pricing system permits
sales personnel to provide consistent quantity discounts and immediate response
to customer requests for discounts on volume purchases.

     For over 20 years, the Company has offered professional contractors a
travel incentive program in which customers earn, through their purchases,
credit toward trips arranged each year by the Company. The program, which has
been highly successful in helping the Company increase its share of the
professional contractor business, gives the Company an opportunity to present
product seminars during each trip. There are currently 340 participants signed
up for a November, 2000 trip to an all-inclusive Caribbean resort. Builders
qualify for the travel incentive program by purchasing certain volumes of
materials and by making timely payments each month.

     Management believes that its strongest marketing tools are exceptional
customer service and everyday low prices. Because many retail customers make
buying decisions in the store, NHC focuses its marketing efforts on maintaining
a well-stocked inventory and superior service to encourage add-on sales which
augment the average purchase. As a result of this approach, NHC spent 0.27% of
sales on advertising in fiscal 1999, primarily on seasonal direct mail
advertising for special promotions and to reinforce customer awareness of its
everyday low pricing.

Management Information Systems

     NHC's management information systems have been designed and developed to
address a wide range of functions including sales analysis, merchandise ordering
and processing, merchandise management and presentation and financial
management. Through these systems, management has access to concise, relevant
information on performance that includes the daily individual store and
department information necessary for financial and merchandising decisions,
strategic planning and analysis.

     The Company maintains a fully computerized point-of-sale retail management
system and custom-designed software. The Company utilizes IBM RS-6000 hardware
and special building materials software developed by Triad/Computer System
Dynamics. NHC's system provides (1) point-of-sale scanning, (2) sales and
inventory tracking, compiling data by store, employee, product category and
individual SKU, (3) receivables tracking, (4) computer generated purchase
orders, and (5) other operating and management reports. NHC is currently
utilizing Electronic Data Interchange ("EDI") with selected vendors.

     NHC's point-of-sale system is a fully integrated sales, credit,
receivables, inventory, purchasing and data collection system. This system
includes UPC scanning for all items sold at NHC stores and provides automatic
price check at the register as well as sales audit reporting, advertised item
reporting, item sales performance and history, daily computer review and
suggested purchase orders. The system also tracks professional contractor
receivables and requires management approval for any transaction which would
exceed the customer's account credit limit. Accounting software handles the
Company's payroll, accounts payable and general ledger. These functions are
centralized at the Company's corporate office. During fiscal

                                       6
<PAGE>

1999, the Company implemented CSD software for accounts payable and general
ledger. This system allows continued integration of the point-of-sale system and
the accounting system. The Company has entered into service contracts with third
parties for service and upgrades of computer software. Company policies require
daily backup at each store which is maintained at secure off-site locations. In
addition, the Company maintains a standby mainframe unit to operate as backup
for its primary system.

Year 2000 Compliance

     The Company has not experienced any adverse effects related to the ability
of the Company's programs and systems to recognize and process the year 2000 and
beyond.

Competition

     NHC operates its stores in four Arkansas markets. The Company's principal
competitors in these markets are Lowe's, Home Depot, Sutherlands, Cameron
Ashley, One Source, Meeks, Ridout, and 84 Lumber.

Patents and Trademarks

     The Company has obtained federal trademark registration for the service
mark National Home Centers(R). The federal registration covers NHC's use of the
mark for retail lumber, building materials and hardware store services, but does
not contemplate use of the mark on other products.

Employees and Labor Relations

     As of January 31, 2000, the Company employed 460 persons, consisting of 426
full-time and 34 part-time personnel. Generally, the Company believes that
relations with its employees are excellent. None of the Company's employees are
represented by a union or covered by a collective bargaining group.

Forward Looking Statements

     Forward-looking statements contained herein are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. There
are various factors that could cause results to differ materially from those
anticipated by such statements. Investors are cautioned that all forward-looking
statements involve risks and uncertainty. The Company does not undertake to
publicly update or revise its forward-looking statements even if experience or
future changes made it clear that any projected results expressed or implied
therein will not be realized. Factors that could cause actual results to differ
materially include, but are not limited to, the following: the strength and
excess of new and existing competition; the Company's ability to maintain
competitive pricing in its markets; the Company's ability to increase sales; the
Company's ability to attract, train, and retain experienced, quality employees;
the Company's ability to dispose of excess real estate and other assets; general
economic conditions; housing turnover; interest rates; weather; and other
factors described from time to time in the Company's Securities and Exchange
Commission filings.

Item 3.  Legal Proceedings.

     The Company is not a party to any material pending legal proceedings. The
Company at times does have routine litigation incidental to its business. In the
opinion of the Company's management, such proceedings should not, individually
or in the aggregate, have a material adverse effect on the Company's results of
operations or financial condition. The Company maintains insurance in such
amounts and with such coverage and deductibles as management believes are
reasonable.

Item 4.  Submission of Matters to a Vote of Security Holders.

     Not applicable.

                                       7
<PAGE>

PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters.

     The Company is authorized to issue 25,000,000 shares of Common Stock, $.01
par value of which 7,142,251 shares were outstanding as of April 14, 2000, and
5,000,000 shares of Preferred Stock, $1.00 par value, of which no shares were
outstanding as of April 14, 2000.

                                 COMMON STOCK

     The holders of Common Stock are entitled to one vote for each share held of
record on all matters submitted to a vote of the stockholders. Subject to
preferences applicable to any outstanding Preferred Stock, holders of Common
Stock are entitled to receive ratably such dividends as may be declared by the
Board of Directors out of funds legally available therefor. Holders of Common
Stock have no preemptive or subscription rights and there are no redemption or
conversion rights with respect to such shares. The outstanding shares of Common
Stock are fully paid and non-assessable. As of January 31, 2000, the Company's
Chairman beneficially owned approximately 63% of the outstanding Common Stock.

     The Company has not previously paid any cash dividends on its Common Stock
and does not anticipate paying any cash dividends in the future. See "Dividend
Policy."

     At April 14, 2000, the 7,142,251 shares of Common Stock then outstanding
were held by approximately 567 persons (excluding persons holding shares in
nominee names). The Transfer Agent and Registrar for the Common Stock is UMB
Bank of Kansas City.

     The Company's Common Stock is currently traded on The Nasdaq Small Cap
Market under the symbol "NHCI." The following table sets forth the quarterly
high and low sales price for the Common Stock as reported on The Nasdaq Small
Cap Market.

<TABLE>
<CAPTION>
                                                  High                Low
                                                  ----                ---
<S>                                               <C>                <C>
Fiscal 1998
-----------
First Quarter                                     $2.50              $1.00
Second Quarter                                     2.38               1.13
Third Quarter                                      2.00               1.25
Fourth Quarter                                     1.94               1.00

Fiscal 1999
-----------
First Quarter                                      1.63               1.00
Second Quarter                                     1.44               1.06
Third Quarter                                      1.28               1.00
Fourth Quarter                                     1.31               1.00

Fiscal 2000
-----------
First Quarter (through April 14, 2000)             1.88               1.00
</TABLE>


                                PREFERRED STOCK

     The Board of Directors is authorized to provide for the issuance of
Preferred Stock in one or more series and to fix the dividend rate, conversion
rights, voting rights, rights and terms of redemption, redemption price or
prices, liquidation preferences and qualifications, limitations and restrictions
thereof with respect to each series. Although the Company has no present
intention to issue shares of Preferred Stock, the issuance of shares of
Preferred Stock or the issuance of rights to purchase such shares could have an
anti-takeover effect and may delay, defer or prevent a tender offer or takeover
attempt that a stockholder

                                       8
<PAGE>

might consider in his or her best interest, including attempts that might result
in a premium over the market price for the shares held by such stockholder.

                                DIVIDEND POLICY

     The Company has not previously paid cash dividends on its Common Stock. The
Company intends to retain any earnings for use in its business and therefore
does not anticipate paying any cash dividends in the foreseeable future.

Item 6.  Selected Financial Data.

     Incorporated by reference from the section captioned "Selected Consolidated
Financial Data," page 2 of the National Home Centers, Inc. 1999 Annual Report
(the "1999 Annual Report").

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

     Incorporated by reference from the sections captioned "Management's
Discussion and Analysis," pages 3 through 5 of the 1999 Annual Report.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

     Incorporated by reference from the section captioned "Management's
Discussion and Analysis," page 4 of the 1999 Annual Report.

Item 8.  Financial Statements and Supplementary Data.

     Incorporated by reference from the sections captioned "Consolidated Balance
Sheets, "Consolidated Statements of Operations and Retained Earnings
(Accumulated Deficit)," "Consolidated Statements of Cash Flows," "Notes to
Consolidated Financial Statements," and "Report of Independent Public
Accountants," pages 6 through 17 of the 1999 Annual Report.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.

     None.

PART III

Item 10.  Directors and Executive Officers of the Registrant.

     Incorporated by reference from the sections captioned "Election of
Directors," "Executive Officers" and "Section 16 Requirements" contained in the
Company's Proxy Statement for Annual Meeting of Stockholders, June 8, 2000 and
Adjournments (the "Proxy Statement").

Item 11.  Executive Compensation.

     Incorporated by reference from the section captioned "Executive
Compensation" contained in the Proxy Statement.

Item 12.  Security Ownership of Certain Beneficial Owners and Management.

     Incorporated by reference from the section captioned "Principal
Stockholders" contained in the Proxy Statement.

                                       9
<PAGE>

Item 13.  Certain Relationships and Related Transactions.

     Incorporated by reference from the sections captioned "Executive
Compensation--Compensation Committee Interlocks and Insider Participation" and
"Certain Transactions" contained in the Proxy Statement.

PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a)  Documents filed as a part of this report.

     1.   Financial Statements.

     The following consolidated financial statements of National Home Centers,
Inc. and Subsidiary have been incorporated by reference from the 1999 Annual
Report into Item 8 of this Report.

     Description

          Consolidated Balance Sheets
          Consolidated Statements of Operations and Retained Earnings
            (Accumulated Deficit)
          Consolidated Statements of Cash Flows
          Notes to Consolidated Financial Statements
          Report of Independent Public Accountants

     2.   Financial Statement Schedules.

     The information required to be presented in Schedule II Valuation and
Qualifying Accounts is presented in Note 9 of the Notes to Consolidated
Financial Statements.

     3.   Exhibits required by Item 601 of Regulation S-K.

<TABLE>
<CAPTION>
     Exhibit No.     Description
     -----------     -----------
<S>                  <C>
     3.1             Amended and Restated Articles of Incorporation of the
                     Company./1/

     3.2             Amended and Restated By-Laws of the Company./1/

     4.1             Form of the Company's Common Stock Certificate./1/

     4.2             Amended and Restated Articles of Incorporation of the
                     Company, Sections 5 through 7./1/

     10.1            Split Dollar Insurance Agreement dated September 24, 1999
                     between the Company and the Newman 1994 Family Trust

     10.2            Assignment of Policy dated September 24, 1999 between the
                     Company and the Newman 1994 Family Trust

     10.3            Amendment to Guaranty dated September 24, 1999, amending
                     Guaranty Agreement dated May 20, 1994

     10.4            Lease Agreement dated September 1, 1992 between Dwain A.
                     Newman and Glenda R. Newman and the Company for the
                     Springdale, Arkansas store./1/
</TABLE>

                                       10
<PAGE>

<TABLE>
<CAPTION>
     Exhibit No.     Description
     -----------     -----------
<S>                  <C>
     10.5            Lease Agreement dated September 1, 1992 between Dwain A.
                     Newman and Glenda R. Newman and the Company for the North
                     Little Rock, Arkansas store./1/

     10.6            Lease Agreement dated September 1, 1992 between Dwain A.
                     Newman and Glenda R. Newman and the Company for the Fort
                     Smith, Arkansas store./1/

     10.7            Lease Agreement dated June 1, 1992 between Dwain A. Newman
                     and Glenda R. Newman and the Company for the Bentonville,
                     Arkansas store./1/

     10.8            Lease Agreement dated July 1, 1993 between Parham
                     Properties, Inc. and the Company for the Little Rock,
                     Arkansas store./2/

     10.9            Lease Agreements dated December 22, 1992 between Valley
                     Park Limited Partnership and the Company for the
                     Russellville, Arkansas store./1/

     10.10           Subordination, Attornment and Non-Disturbance Agreement and
                     Estoppel Certificate dated September 10, 1992 between ATRS,
                     the Company, and Dwain A. Newman and Glenda R. Newman for
                     the Springdale, North Little Rock and Fort Smith Leases./1/

     10.11           Form of the 1993 Employee Stock Purchase Plan of National
                     Home Centers, Inc./1/

     10.12           Form of the Company's 1993 Incentive Compensation Plan./1/

     10.13           Loan and Security Agreement dated December 29, 1992 between
                     the Company and MetLife Capital Corporation./1/

     10.14           Guaranty Agreement effective May 20, 1994./3/

     10.15           Supplemental Security Agreement and Term Promissory Note
                     No. 1 dated December 6, 1994 between the Company and
                     MetLife Capital Corporation./4/

     10.16           Promissory Note and Mortgage dated May 5, 1995 to Simmons
                     First Bank of Arkansas for Conway, Arkansas Store./5/

     10.17           Form of the Company's 401(k) Adoption Agreement with First
                     Tennessee National Bank as Trustee./6/

     10.18           1996 Long-Term Performance Plan./7/

     10.19           Loan and Security Agreement with NationsCredit Commercial
                     Funding./8/

     11.1            Computation of Earnings (loss) Per Share.

     13.1            National Home Centers, Inc. 1999 Annual Report (only those
                     portions specifically incorporated herein by reference
                     shall be deemed filed with the Commission).
</TABLE>

                                       11
<PAGE>

<TABLE>
<CAPTION>
     Exhibit No.     Description
     -----------     -----------
<S>                  <C>

     21.1            Subsidiaries of the Company./1/

     23.1            Consent of Arthur Andersen LLP

     27.1            Financial Data Schedule.
</TABLE>

/1/  Incorporated by reference from National Home Centers, Inc. Form S-1
     Registration Statement No. 33-60078, as amended, filed with the Securities
     and Exchange Commission on March 26, 1993.

/2/  Incorporated by reference from National Home Centers, Inc. Annual Report on
     Form 10-K for the fiscal year ended January 31, 1994, filed with the
     Securities and Exchange Commission on April 29, 1994.

/3/  Incorporated by reference from National Home Centers, Inc. Quarterly Report
     on Form 10-Q for the period ended October 31, 1994, filed with the
     Securities and Exchange Commission on December 15, 1994.

/4/  Incorporated by reference from National Home Centers, Inc. Annual Report on
     Form 10-K for the fiscal year ended January 31, 1995, filed with the
     Securities and Exchange Commission on April 29, 1995.

/5/  Incorporated by reference from National Home Centers, Inc. Quarterly Report
     on Form 10-Q for the period ended April 30, 1995, filed with the Securities
     and Exchange Commission on June 12, 1995.

/6/  Incorporated by reference from National Home Centers, Inc. Annual Report on
     Form 10-K for the period ending January 31, 1996, filed with the Securities
     and Exchange Commission on April 30, 1996.

/7/  Incorporated by reference from National Home Centers, Inc. Annual Report on
     Form 10-K for the period ending January 31, 1997, filed with the Securities
     and Exchange Commission on May 1, 1997.

/8/  Incorporated by reference from National Home Centers, Inc. Quarterly Report
     on Form 10-Q for the period ending July 31, 1998, filed with the Securities
     and Exchange Commission on September 15, 1998.

(b)  Reports on Form 8-K.

     The Company did not file any Current Reports on Form 8-K during fiscal
     1999.

                                       12
<PAGE>

                                  SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                  NATIONAL HOME CENTERS, INC.

     April 27, 2000               By:   /s/ DWAIN A. NEWMAN
                                        ------------------------------
                                        Dwain A. Newman
                                        Chairman of the Board and Chief
                                         Executive Officer


     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

     April 27, 2000               By:   /s/ DWAIN A. NEWMAN
                                        ------------------------------
                                        Dwain A. Newman
                                        Chairman of the Board and Chief
                                         Executive Officer

     April 27, 2000               By:   /s/ DANNY R. FUNDERBURG
                                        ------------------------------
                                        Danny R. Funderburg
                                        President, Chief Operating Officer and
                                         Director

     April 27, 2000               By:   /s/ ROGER A. HOLMAN
                                        ------------------------------
                                        Roger A. Holman
                                        Vice President, Purchasing - Marketing
                                         and Director

     April 27, 2000               By:   /s/ BRENT A. HANBY
                                        ------------------------------
                                        Brent A. Hanby
                                        Executive Vice President, Chief
                                         Financial Officer and Director

     April 27, 2000               By:   /s/ RICHARD D. DENISON
                                        ------------------------------
                                        Richard D. Denison
                                        Director

     April 27, 2000               By:   /s/ DAVID W. TRUETZEL
                                        ------------------------------
                                        David W. Truetzel
                                        Director

                                       13
<PAGE>

                               INDEX OF EXHIBITS

Exhibit No.   Description
-----------   -----------
3.1           Amended and Restated Articles of Incorporation of the Company./1/

3.2           Amended and Restated By-Laws of the Company./1/

4.1           Form of the Company's Common Stock Certificate./1/

4.2           Amended and Restated Articles of Incorporation of the Company,
              Sections 5 through 7./1/

10.1          Split Dollar Insurance Agreement dated September 24, 1999 between
              the Company and the Newman 1994 Family Trust

10.2          Assignment of Policy dated September 24, 1999 between the Company
              and the Newman 1994 Family Trust

10.3          Amendment to Guaranty dated September 24, 1999, amending Guaranty
              Agreement dated May 20, 1994

10.4          Lease Agreement dated September 1, 1992 between Dwain A. Newman
              and Glenda R. Newman and the Company for the Springdale, Arkansas
              store./1/

10.5          Lease Agreement dated September 1, 1992 between Dwain A. Newman
              and Glenda R. Newman and the Company for the North Little Rock,
              Arkansas store./1/

10.6          Lease Agreement dated September 1, 1992 between Dwain A. Newman
              and Glenda R. Newman and the Company for the Fort Smith, Arkansas
              store./1/

10.7          Lease Agreement dated June 1, 1992 between Dwain A. Newman and
              Glenda R. Newman and the Company for the Bentonville, Arkansas
              store./1/

10.8          Lease Agreement dated July 1, 1993 between Parham Properties, Inc.
              and the Company for the Little Rock, Arkansas store./2/

10.9          Lease Agreements dated December 22, 1992 between Valley Park
              Limited Partnership and the Company for the Russellville, Arkansas
              store./1/

10.10         Subordination, Attornment and Non-Disturbance Agreement and
              Estoppel Certificate dated September 10, 1992 between ATRS, the
              Company, and Dwain A. Newman and Glenda R. Newman for the
              Springdale, North Little Rock and Fort Smith Leases./1/

10.11         Form of the 1993 Employee Stock Purchase Plan of National Home
              Centers, Inc./1/

10.12         Form of the Company's 1993 Incentive Compensation Plan./1/

10.13         Loan and Security Agreement dated December 29, 1992 between the
              Company and MetLife Capital Corporation./1/


                                       14
<PAGE>

10.14         Guaranty Agreement effective May 20, 1994./3/

10.15         Supplemental Security Agreement and Term Promissory Note No. 1
              dated December 6, 1994 between the Company and MetLife Capital
              Corporation./4/

10.16         Promissory Note and Mortgage dated May 5, 1995 to Simmons First
              Bank of Arkansas for Conway, Arkansas Store./5/

10.17         Form of the Company's 401(k) Adoption Agreement with First
              Tennessee National Bank as Trustee./6/

10.18         1996 Long-Term Performance Plan./7/

10.19         Loan and Security Agreement with NationsCredit Commercial
              Funding./8/

11.1          Computation of Earnings (loss) Per Share.

13.1          National Home Centers, Inc. 1999 Annual Report (only those
              portions specifically incorporated herein by reference shall be
              deemed filed with the Commission).

23.1          Consent of Arthur Andersen LLP

21.1          Subsidiaries of the Company./1/

27.1          Financial Data Schedule.

                                       15