Annual Report (Form 10-K), fiscal year 1994

Item 1. BUSINESS
The Home Depot, Inc. and its subsidiaries ("The Home Depot" or "Company") is the leading retailer in the home improvement industry. It operates "warehouse style" stores which sell a wide assortment of building materials and home improvement products. At fiscal year end the Company's three operating divisions-- Western, Southeast and Northeast--had 264 stores in 23 states with an aggregate total of approximately 26,383,000 square feet of selling space. Such stores average approximately 100,000 square feet of enclosed space per store, with an additional 10,000 to 28,000 square feet of outside selling and storage space. The Company's executive offices are located at 2727 Paces Ferry Road, Atlanta, Georgia 30339, telephone number (404) 433-8211.
The Home Depot's operating strategy stresses providing a broad range of merchandise at competitive prices and utilizing highly knowledgeable service oriented personnel and aggressive advertising. Company-employed shoppers regularly check prices at competitors' operations to ensure that The Home Depot's low "Day-In, Day-Out" warehouse prices are competitive within each market.
Since a large proportion of the Company's customers are individual homeowners, many of whom may have limited experience in do-it-yourself projects, management considers its employees' knowledge of products and home improvement techniques and applications to be very important to its marketing approach and its ability to maintain customer satisfaction. The Home Depot also devotes significant marketing, advertising and service efforts toward attracting professional remodelers and commercial users.
Products
Management estimates that during the course of a year, a typical store stocks approximately 30,000 product items, including variations in color and size. Each store carries a wide selection of quality and nationally advertised brand name merchandise. The table below shows the percentage of sales of each major product group for each of the last three fiscal years. However, these percentages may not necessarily be representative of the Company's future product mix due, among other things, to the effects of promotional activities associated with opening additional stores. Also, newly opened stores did not operate through a complete seasonal product cycle for all periods presented.
The Company sources its merchandise from approximately 4,350 vendors worldwide, of which no single vendor accounts for as much as 10% of purchases. The Company is not dependent on any single vendor. A substantial majority of merchandise is purchased directly from manufacturers, thereby eliminating costs of intermediaries. Management believes that competitive sources of supply are readily available for substantially all its products.
Marketing and Sales
Management believes a number of the Company's existing stores are operating at or above their optimum capacity. In order to enhance market penetration over time, the Company has adopted a strategy of adding new stores near the edge of the market areas served by existing stores. While such a strategy may initially have a negative impact on the rate of growth of comparable store-for-store sales, management believes the benefits of this "cannibalization" strategy are to increase customer satisfaction and overall market share by reducing delays in shopping, increasing utilization by existing customers and attracting new customers to more convenient locations.
The Home Depot has continued to introduce or refine a number of merchandising programs during fiscal 1993. Key among them is the Company's ongoing commitment to becoming the supplier of first choice to an assortment of professional customers, primarily small-scale remodelers, carpenters, plumbers, electricians and building maintenance professionals. The Company has reacted to the needs of this group by emphasizing commercial credit programs, delivery services, new merchandising programs and more efficient shopping through the Company's Store Productivity Improvement program.
The Company continued a Company-wide roll-out of an enlarged garden center prototype. These centers which are as large as 28,000 square feet, feature 6,000 to 8,000 square foot greenhouses or covered selling areas providing year round selling opportunities as well as a significantly expanded product assortment. By the end of fiscal 1993, the prototype was in place
in 87 stores. Both new and older stores will incorporate the expanded centers where space is available.
During fiscal 1993, the Company continued to develop innovative merchandising programs that are helping to further grow the business. The Company's installed sales program became available in 251 stores in 26 markets and is planned to be in all of the Company's stores over the next year. There are approximately 2,370 installed sales vendors who, as independent, licensed contractors, are authorized to provide services to customers. This program targets the buy-it-yourself ("B-I-Y") customer, who will purchase an item but either does not have the desire or ability to install the item.
During the past year, the Company began a three year marketing effort to support its sponsorship of the 1994 and 1996 Olympic Games and the U.S. Olympic teams' participation at those games. A select number of the Company's key suppliers are providing significant financial support for the sponsorship.
In January 1994, the Company opened its second Expo(Regis. TM) Design Center in Atlanta, Georgia, which is the first of its kind on the East Coast. The Expo stores, located in San Diego and Atlanta, are enabling the regional merchandising staff to test a variety of upscale interior design products and services. The Company is currently considering the feasibility of opening Expo stores in other markets. During 1993 and early 1994, the Company also opened seven Depot Diners on a test basis in Atlanta, Seattle and various locations in South Florida. Depot Diners are an extension of the Company's commitment to total customer satisfaction, and are designed to provide customers and employees with a convenient place to eat. The Company believes customers with limited amounts of time to complete their shopping, especially customers with small children, may spend more time in the store if fast food is available on site. The food service providers vary by market.
"The Home Depot", the "Homer" advertising symbol and various private label brand names under which the Company sells a limited range of products are service marks, trademarks or trade names of the Company and are considered to be important assets of the Company.
Information Systems
Each store is equipped with a computerized point of sale system, electronic bar code scanning system, and a mini-computer. These systems provide efficient customer check-out with an approximate 90 percent scan rate, store-based inventory management, rapid order replenishment, labor planning support, and item movement information. Store information is communicated to home office and divisional office computers via a satellite network. These computers provide corporate financial and merchandising support systems.
The Company is constantly assessing and upgrading its information systems to support its growth, reduce and control costs, and enable better decision-making. The Company continues to see greater efficiency as a result of its electronic data interchange (EDI) program. Currently,
over 250 of the Company's highest volume vendors are participating in the EDI program. The Company also operates its own television network and produces training and communications programs that are transmitted to stores via the satellite network.
Employees
As of fiscal year end, The Home Depot employed approximately 50,700 persons, of whom approximately 3,600 were salaried and the remainder were compensated on an hourly basis. Approximately 90 percent of the Company's employees are employed on a full-time basis. In order to attract and retain qualified personnel, the Company seeks to maintain salary and wage levels above those of its competitors in its market areas. The Company's policy is to hire and train additional personnel in anticipation of future store expansion.
The Company has never experienced a strike or any work stoppage and management believes that its employee relations are satisfactory. There are no collective bargaining agreements covering any of the Company's employees.
Competition
The business of the Company is highly competitive, based in part on price, location of store, customer service and depth of merchandise. In each of the markets served by the Company, there are several other chains of building supply houses, lumber yards and home improvement stores. In addition, the Company must compete, with respect to some of its products, with discount stores, local, regional and national hardware stores, warehouse clubs, independent building supply stores and to a lesser extent, other retailers.
Due to the variety of competition faced by the Company, management is unable to accurately measure the Company's market share in its existing market areas. However, management believes that the Company is an effective and significant competitor in these markets.
Executive Officers
The following provides information concerning the executive officers holding positions in the Company and/or its subsidiaries.
BERNARD MARCUS, has been Chairman of the Board of Directors and Chief Executive Officer ("CEO") since its inception in 1978, and is, together with Mr. Arthur M. Blank and Mr. Kenneth G. Langone (a director of the Company), a co-founder of the Company. Mr. Marcus serves on the Board of Directors of Wachovia Bank of Georgia, N.A., National Service Industries, Inc. and the New York Stock Exchange, Inc. Mr. Marcus is a member of the Advisory Board and Board of Directors of the Shepherd Spinal Center in Atlanta, as well as a Vice President and member of the Board of The City of Hope, a charitable organization in Duarte, California. Mr. Marcus is also a member of Emory University's Board of Visitors.
ARTHUR M. BLANK, has been President, Chief Operating Officer ("COO") and a director of The Home Depot since its inception in 1978; and is, together with Mr. Bernard Marcus and Mr. Kenneth G. Langone, a co-founder of the Company. Mr. Blank serves as Chairman of the Board of Trustees of North Carolina Outward Bound School, a non-profit corporation; serves on the Board of Trustees of Emory University; the Board of Councilors of the Carter Center of Emory University; and the Board of Directors of Post Properties Inc. and Harry's Farmers Market, Inc.
RONALD M. BRILL, has been Executive Vice President and Chief Financial Officer ("CFO") of the Company since March 1993. Mr. Brill joined The Home Depot as its Controller in 1978, was elected Treasurer in 1980, Vice President-Finance in 1981, Senior Vice President and CFO in 1984, and elected as a director in 1987. Mr. Brill serves on the Board of Directors of AutoFinance Group, Inc.; the Board of Trustees of the Atlanta Jewish Federation; the Board of Trustees of Woodruff Arts Center; the Board of Directors of the Atlanta High Museum of Art; the Board of Directors of the Atlanta Chamber of Commerce; and the Governing Board of Woodward Academy.
JAMES W. INGLIS, has been a director of the Company since 1993. Mr. Inglis has been Executive Vice President-Strategic Development since April 1994. Mr. Inglis joined The Home Depot in 1983 as a merchandiser and was shortly thereafter promoted to Senior Merchandiser and then promoted to Vice President- Merchandising (West Coast) in 1985, and Executive Vice President- Merchandising in 1988. Mr. Inglis serves as endowment chairman for the City of Hope's hardware and home improvement industry group.
BRUCE W. BERG, has been President-Southeast Division since 1991. Mr. Berg joined the Company in 1984 as Vice President- Merchandising (East Coast) and was promoted to Senior Vice President (East Coast) in 1988.
BILL HAMLIN, has been Executive Vice President-Merchandising since April 1994. Mr. Hamlin joined the Company in 1985 as a merchandiser and was promoted to Vice President-Merchandising (West Coast) in 1988 and President-Western Division in 1990.
LARRY M. MERCER, has been President-Northeast Division since 1991. Mr. Mercer joined the Company in 1979 as an Assistant Store Manager and after serving as a Store Manager was promoted to Regional Manager of the Central Florida Region in 1983. Mr. Mercer was then promoted to Vice President-Store Operations (East Coast) in 1987.
MARSHALL L. DAY, has been Senior Vice President-Finance since March 1993. Mr. Day joined the Company in 1986 as Controller, was promoted to Vice President, Controller in 1988 and Vice President-Finance in 1989.
STEPHEN BEBIS, has been President and Chief Executive Officer of The Home Depot Canada, a Canadian partnership, since February 1994. Mr. Bebis' division operates the
Aikenhead's Home Improvement Warehouse, which is owned jointly by the Molson Companies Limited and The Home Depot. Mr. Bebis joined The Home Depot in 1984 as a Merchandiser. Prior to joining Aikenhead's in 1990, Mr. Bebis was Vice President-Merchandising for the Mid- South Division of The Home Depot. Mr. Bebis is currently a member of the Board of Directors of Habitat for Humanity Canada and a member of the Young Presidents' Organization.
HARRY PIERCE, has been President-Western Division since April 1994. Mr. Pierce joined the Company in 1984 as an Assistant Store Manager and later became an Associate Merchandiser in 1985. After serving several years as a Merchandiser both in Atlanta and in the Northeast, Mr. Pierce was promoted to Manager, Merchandising Information Systems in 1990. In 1992, Mr. Pierce joined the Company's Western Division as Vice President- Merchandising.
Item 2.



Item 2. PROPERTIES
The following table illustrates the Company's store locations by state as of the end of fiscal year 1993:
At fiscal year end, The Home Depot had stores located in 23 states, with approximately 68% being concentrated in California, Georgia, Texas, Florida and Arizona. In late fiscal 1988, the Company began to open stores in the Northeast, its first expansion outside the Sunbelt states. Despite a generally weak economy in the Northeast region, the stores the Company operates in this region have reported sales volumes which are among the highest of the Company's stores. Although new store openings for fiscal 1993 occurred primarily in existing markets, the Company continued its geographic expansion by opening stores in a number of new markets in fiscal 1993 -- upper New York; eastern Pennsylvania; metro Washington, D.C.; Portland, Oregon; Reno, Nevada; Greensboro, North Carolina; Charleston, South Carolina; Tallahassee, Florida; Augusta, Georgia; Bakersfield, Fresno and Stockton, California; and Oklahoma City, Oklahoma.
In November 1993, the Company announced plans to acquire seven non-operating store locations in the Chicago area from Waban Inc., owners of HomeBase Home Improvement Centers. In February 1994, the Company acquired from the Molson Companies Limited ("Molson"), a 75% interest in the Canadian home improvement warehouse retailer, Aikenhead's Home Improvement Warehouse. The Company has the right to acquire Molson's remaining 25% interest in six years. The Company will be the managing partner of the new enterprise, known as The Home Depot Canada, a Canadian partnership. At the time of the acquisition, Aikenhead's was operating seven stores in Ontario and had an additional three stores scheduled to open by April 1994. The Company anticipates operating approximately 12 stores throughout major Canadian markets by the end of fiscal 1994.
From the end of fiscal 1988 to the end of fiscal 1993, the Company increased its store count by an average of approximately 22% per year (from 96 to 264 stores) and increased the total store square footage by an average of approximately 26% per year (from 8,216,000 to 26,383,000 total square feet). The Home Depot expects to continue to increase its store count in both existing and selected new markets on a basis consistent with its previously stated policy of not exceeding a maximum growth rate of new stores of approximately 25 percent per year. The Home Depot took advantage of recent competitive opportunities despite this stated policy. During fiscal 1993, the Company opened 50 new stores and relocated six existing stores, including the opening of approximately 18 additional stores in the Northeast region, approximately 15 additional stores in the Southeast region, including the Expo Design Center store, and approximately 17 additional stores in the Western region. During fiscal 1994, the Company anticipates opening approximately 70 new stores: 18 in the Southeast, 18 in the Northeast, 19 in the West, 10 in the Midwest and five in Canada, plus relocations of nine existing stores. New stores average approximately 102,000 square feet with an additional 15,000 to 28,000 square feet of outside selling and storage area.
Of the Company's 264 stores, 61% are owned (including those owned subject to a ground lease) consisting of approximately 16,197,00 square feet and 39% are leased consisting of approximately 10,186,000 square feet. In recent years, the relative percentage of new stores owned has increased. The Company prefers to own stores because of the greater operating control and flexibility, generally lower occupancy costs and certain other economic advantages
of owned stores. See "Management's Discussion and Analysis of Results of Operations and Financial Condition--Liquidity and Capital Resources."
The Company's executive, corporate staff and accounting office occupies approximately 371,000 square feet of leased space in two locations in Atlanta, Georgia. The Company occupies an aggregate of 122,500 square feet, of which 68,500 square feet is owned and 54,000 square feet is leased for divisional offices located in Atlanta, Georgia; Fullerton, California; South Plainfield, New Jersey; and Tampa, Florida.
Item 3.

Item 3. LEGAL PROCEEDINGS
There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the Company is a party or to which any of its property is the subject.
Item 4.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of security holders during the fourth quarter of the fiscal year ended January 30, 1994.
PART II
Item 5.

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Since April 19, 1984, the Common Stock of the Company has been listed on the New York Stock Exchange under the symbol "HD". The table below sets forth the high and low sales prices of the Common Stock on the New York Stock Exchange Composite Tape as reported in The Wall Street Journal and the quarterly cash dividends declared per share of Common Stock during the periods indicated.
The Company paid its first cash dividend on June 22, 1987 and has since paid dividends in each quarter. Future dividend policy will depend on the Company's earnings, capital requirements, financial condition and other factors considered relevant by the Board of Directors.
Number of Record Holders
The number of record holders of The Home Depot's Common Stock as of March 28, 1994 was 61,596 (without including individual participants in nominee security position listings).
Item 6.

Item 6. SELECTED FINANCIAL DATA
Reference is made to information for the fiscal years 1988-1993 under the heading "Ten Year Selected Financial and Operating Highlights" contained in the Company's Annual Report to Stockholders for the fiscal year ended January 30, 1994, which information is incorporated herein by reference.
Item 7.

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Reference is made to information under the heading "Management's Discussion and Analysis of Results of Operations and Financial Condition" contained in the Company's Annual Report to Stockholders for the fiscal year ended January 30, 1994, which information is incorporated herein by reference.
Item 8.


Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Reference is made to information under the headings "Consolidated Statements of Earnings," "Consolidated Balance Sheets," "Consolidated Statements of Stockholders' Equity," "Consolidated Statements of Cash Flows," "Notes to Consolidated Financial Statements" and "Independent Auditors' Report" contained in the Company's Annual Report to Stockholders for the fiscal year ended January 30, 1994, which information is incorporated herein by reference.
Item 9.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None
PART III
Item 10.



Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information required by Item 10 is incorporated by reference from the information in Registrant's proxy statement (filed or to be filed pursuant to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994, except as to biographical information on Executive Officers which is contained in Item I of this Annual Report on Form 10-K.
Item 11.

Item 11. EXECUTIVE COMPENSATION
The information required by Item 11 is incorporated by reference from the information in Registrant's proxy statement (filed or to be filed pursuant to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.
Item 12.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information required by Item 12 is incorporated by reference from the information in Registrant's proxy statement (filed or to be filed pursuant to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.
Item 13.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by Item 13 is incorporated by reference from the information in Registrant's proxy statement (filed or to be filed pursuant to Regulation 14A) for its Annual Meeting of Stockholders to be held May 25, 1994.
PART IV
Item 14.

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. Financial Statements
The following financial statements are filed herewith by incorporation by reference from pages 25 through 38 of the Registrant's Annual Report to Stockholders for the fiscal year ended January 30, 1994, as provided in Item 8 hereof:
- Consolidated Statements of Earnings for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Consolidated Balance Sheets as of January 30, 1994 and January 31, 1993.
- Consolidated Statements of Stockholders' Equity for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Consolidated Statements of Cash Flows for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Notes to Consolidated Financial Statements.
- Independent Auditors' Report.
2. Financial Statement Schedules
The following financial statement schedules are filed herewith:
- Independent Auditors' Report on Financial Statement Schedules.
- Schedule I - Investments for the fiscal year ended January 30, 1994.
- Schedule II - Amounts Receivable from Related Parties and Underwriters, Promoters and Employees Other Than Related Parties for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Schedule V - Property and Equipment for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
- Schedule VI - Accumulated Depreciation and Amortization of Property and Equipment for the fiscal years ended January 30, 1994, January 31, 1993 and February 2, 1992.
All other schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related notes.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the last quarter of the fiscal year ended January 30, 1994.
(c) Exhibits
Exhibits marked with an asterisk (*) are hereby incorporated by reference to exhibits or appendices previously filed by the Registrant as indicated in brackets following the description of the exhibit.
* 3.l Restated Certificate of Incorporation of The Home Depot, Inc. 									[Form 10-K for the fiscal year ended January 29, 1989, 									 Exhibit 3.1].
* 3.2 By-Laws, as amended [Form 10-K for the fiscal year ended February 3, 1991, Exhibit 3.2].
* 4.1 Indenture dated as of January 15, 1992 among The Home Depot, Inc., as issuer, Home Depot U.S.A., Inc., as guarantor, and Wachovia Bank of Georgia, N.A., as trustee for $805,000,000, 4-1/2% Convertible Subordinated Notes due 1997. [Form 10-K for the fiscal year ended February 2, 1992, Exhibit 4.2].
*10.1 Investment Banking Consulting Contract dated April 17, 1985 between Invemed Associates, Inc. and the Registrant. [Form 									 10-K for the fiscal year ended February 2, 1992, Exhibit 									 10.1].
*10.2 +Corporate Office Management Bonus Plan of the Registrant dated March 1, 1991. [Form 10-K for the fiscal year ended February 2, 1992, Exhibit 10.2].
*10.3 +Employee Stock Purchase Plan, as amended March 22, 1991 [Appendix B to Registrant's Proxy Statement for the Annual Meeting of Stockholders held May 22, 1991].
10.4 +Senior Officers' Bonus Pool Plan as adopted by the Compensation Committee of the Board of Directors on February 23, 1994.
*10.5 +The Home Depot Employee Stock Ownership Plan and Trust, as 									amended [Form 10-K for the fiscal year ended January 29, 									 1989, Exhibit 10.7].
*10.6 +The Home Depot, Inc. 1991 Omnibus Stock Option Plan [Appendix A to Registrant's Proxy Statement for the Annual Meeting of Stockholders held May 22, 1991].
*10.7 +Executive Medical Reimbursement Plan, effective January 1, 1992 [Form 10-K for the fiscal year ended January 31, 1993, Exhibit 10.7].
11 Computation of Earnings Per Common and Common Equivalent Share.
13 The Registrant's Annual Report to Stockholders for the fiscal year ended January 30, 1994. Only those portions of said report which are specifically designated in this Form 10-K as being incorporated by reference are being electronically filed pursuant to the Securities Exchange Act of 1934.
21 List of Subsidiaries of the Registrant.
23 Consent of Independent Auditors.
24 Special Powers of Attorney authorizing execution of this Form 10-K Annual Report have been granted and are filed herewith as follows:
Power of Attorney from Frank Borman.
Power of Attorney from Berry R. Cox.
Power of Attorney from Peter S. Gold.
Power of Attorney from Milledge A. Hart, III.
Power of Attorney from James W. Inglis.
Power of Attorney from Donald R. Keough.
Power of Attorney from Kenneth G. Langone.
Power of Attorney from M. Faye Wilson.
- ---------------------- +Management contract or compensatory plan or arrangement required to be filed as an exhibit to this form pursuant to Item 14(c) of this report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant, The Home Depot, Inc., has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Atlanta, and State of Georgia on this 22nd day of April, 1994.
THE HOME DEPOT, INC.
By: /s/ Bernard Marcus (Bernard Marcus, Chairman of theBoard, Chief Executive Officer and Secretary)
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, The Home Depot, Inc., and in the capacities and on the dates indicated.
Signature Title Date - --------- ----- ----
/s/ Bernard Marcus Chairman of the Board, Chief April 22, 1994 (Bernard Marcus) Executive Officer and Secretary (Principal Executive Officer)
/s/ Arthur M. Blank President, Chief Operating April 22, 1994 (Arthur M. Blank) Officer and Director
/s/ Ronald M. Brill Chief Financial Officer, April 22, 1994 (Ronald M. Brill) Executive Vice President and Director (Principal Financial and Accounting Officer)
* Director April 22, 1994 (Frank Borman)
Signature Title Date - --------- ----- ----
* Director April 22, 1994 (Berry R. Cox)
* Director April 22, 1994 (Peter S. Gold)
* Director April 22, 1994 (Milledge A. Hart, III)
* Director April 22, 1994 (James W. Inglis)
* Director April 22, 1994 (Donald R. Keough)
* Director April 22, 1994 (Kenneth G. Langone)
* Director April 22, 1994 (M. Faye Wilson)
* The undersigned, by signing his name hereto, does hereby sign this report on behalf of each of the above-indicated directors of the Registrant pursuant to powers of attorney, executed on behalf of each such director.
By: /s/ Bernard Marcus (Bernard Marcus, Attorney-in-fact)
KPMG Peat Marwick
Certified Public Accountants
303 Peachtree Street, N.E. Telephone 404 222 3000 Suite 2000 Telefax 404 222 3050 Atlanta. GA 30308
Independent Auditors' Report on Financial Statement Schedules
The Board of Directors and Stockholders The Home Depot, Inc.:
Under date of March 11, 1994, we reported on the consolidated balance sheets of The Home Depot, Inc. and subsidiaries as of January 30, 1994 and January 31, 1993, and the related consolidated statements of earnings, stockholders' equity, and cash flows for each of the years in the three-year period ended January 30, 1994, as contained in the January 30, 1994 annual report to stockholders. These consolidated financial statements and our report thereon are incorporated by reference in the annual report on Form 10-K for the year ended January 30, 1994. In connection with our audits of the aforementioned consolidated financial statements, we also have audited the related financial statement schedules as listed in Item 14. These financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as whole, present fairly, in all material respects, the information set forth therein.
/s/KPMG PEAT MARWICK
March 11, 1994
EXHIBIT INDEX
10.4 Senior Officers' Bonus Pool Plan as adopted by the Compensation Committee of the Board of Directors on February 23, 1994.
11 Computation of Earnings Per Common and Common Equivalent Share.
13 The Registrant's Annual Report to Stockholders for the fiscal year ended January 30, 1994. Only those portions of said report which are specifically designated in this Form 10-K as being incorporated by reference are being electronically filed pursuant to the Securities Exchange Act of 1934.
21 List of Subsidiaries of the Registrant.
23 Consent of Independent Auditors.
24 Special Powers of Attorney authorizing execution of this Form 10-K Annual Report have been granted and are filed herewith as follows:
Power of Attorney from Frank Borman.
Power of Attorney from Berry R. Cox.
Power of Attorney from Peter S. Gold.
Power of Attorney from Milledge A. Hart, III.
Power of Attorney from James W. Inglis.
Power of Attorney from Donald R. Keough.
Power of Attorney from Kenneth G. Langone.
Power of Attorney from M. Faye Wilson.