<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended October 29, 1995
- OR -
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 1-8207
THE HOME DEPOT, INC.
(Exact name of registrant as specified in its charter)
Delaware 95-3261426
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
2455 Paces Ferry Road Atlanta, Georgia 30339-4024
(Address of principal executive offices) (Zip Code)
(770) 433-8211
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last
report.)
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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
$.05 par value 476,818,000 Shares, as of November 17, 1995
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
INDEX TO FORM 10-Q
October 29, 1995
Page
Part I. Financial Information:
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF EARNINGS -
Three-Month and Nine-Month Periods
Ended October 29, 1995 and October 30, 1994. . . . . . . 3
CONSOLIDATED CONDENSED BALANCE SHEETS -
As of October 29, 1995 and January 29, 1995. . . . . . . 4
CONSOLIDATED STATEMENTS OF CASH FLOWS -
Nine-Month Periods
Ended October 29, 1995 and October 30, 1994. . . . . . . 5
NOTES TO CONSOLIDATED CONDENSED
FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . 6
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition . . . . . . . . . . 7 - 9
Part II. Other Information:
Item 4. Submission of Matters to a Vote of Security Holders.10
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .10
Signature Page. . . . . . . . . . . . . . . . . . . . . . . .11
Index to Exhibits . . . . . . . . . . . . . . . . . . . . . .12
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In Thousands, Except Per Share Data)
<CAPTION>
Three Months Ended Nine Months Ended
--------------------- ----------------------
October 29, October 30, October 29, October 30,
1995 1994 1995 1994
---------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Net Sales $3,997,790 $3,240,050 $11,718,474 $9,399,215
Cost of Merchandise Sold 2,921,233 2,359,482 8,521,350 6,814,073
--------- ---------- ---------- ----------
Gross Profit 1,076,557 880,568 3,197,124 2,585,142
Operating Expenses:
Selling & Store
Operating 714,581 575,951 2,080,258 1,633,950
Pre-Opening 14,774 13,911 40,794 33,690
General and
Administrative 66,911 59,317 199,470 167,101
---------- ---------- ---------- ----------
Total Operating
Expense 796,266 649,179 2,320,522 1,834,741
---------- ---------- ---------- ----------
Operating Income 280,291 231,389 876,602 750,401
Interest Income (Expense):
Interest and Investment
Income 4,890 7,017 13,745 23,739
Interest Expense (318) (9,132) (3,772) (27,348)
---------- ---------- ---------- ----------
Interest, Net 4,572 (2,115) 9,973 (3,609)
---------- ---------- ---------- ----------
Earnings Before
Income Taxes 284,863 229,274 886,575 746,792
Income Taxes 109,390 88,500 340,450 288,270
---------- ---------- ---------- ----------
Net Earnings $ 175,473 $ 140,774 $ 546,125 $ 458,522
========== ========== ========== ==========
Earnings Per Common and
Common Equivalent Share
(Note 2) $ 0.37 $ 0.31 $ 1.15 $ 1.00
========== ========== ========== ==========
Dividends Per Share $ 0.05 $ 0.04 $ 0.14 $ 0.11
========== ========== ========== ==========
Weighted Average Number
of Common and Common
Equivalent Shares
(Note 2) 477,671 476,075 477,469 475,567
========== ========== ========== ==========
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
<TABLE>
THE HOME DEPOT
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In Thousands)
<CAPTION>
October 29, January 29,
1995 1995
------------ ------------
ASSETS
- - ------
<S> <C> <C>
Current Assets:
Cash and Cash Equivalents $ 49,485 $ 1,154
Short-Term Investments 80,245 56,712
Accounts Receivable, Net 333,791 272,225
Merchandise Inventories 2,214,014 1,749,312
Other Current Assets 49,230 53,560
----------- -----------
Total Current Assets 2,726,765 2,132,963
Property and Equipment, at cost 4,638,480 3,747,268
Less: Accumulated Depreciation and Amortization (461,450) (350,031)
----------- -----------
Net Property and Equipment 4,177,030 3,397,237
Long Term Investments 35,828 98,022
Notes Receivable 54,141 32,528
Cost in Excess of the Fair Value of Net Assets Acquired, Net 89,491 88,513
Other 53,691 28,778
----------- -----------
$ 7,136,946 $ 5,778,041
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
- - ------------------------------------
Current Liabilities:
Accounts Payable $ 1,144,991 $ 681,291
Accrued Salaries and Related Expenses 215,350 192,151
Sales Taxes Payable 134,722 101,011
Other Accrued Expenses 290,793 208,377
Income Taxes Payable 28,313 8,717
Current Installments of Long-Term Debt 8,087 22,692
----------- -----------
Total Current Liabilities 1,822,256 1,214,239
Convertible Subordinated Debt --- 804,985
Commercial Paper 200,000 100,000
Long-Term Debt, Net of Current Maturities 91,401 78,384
Other Long-Term Liabilities 108,585 67,953
Deferred Income Taxes 32,671 19,258
Minority Interest 71,609 50,999
Stockholders' Equity:
Common Stock - 476,781,000 shares outstanding at 10/29/95
and 453,365,000 shares outstanding at 01/29/95 28,843 22,668
Paid-in Capital 2,400,537 1,526,463
Retained Earnings 2,417,504 1,937,284
Cumulative Translation Adjustments (1,422) (10,887)
Unrealized Holding Gain/(Loss) on Investments, Net 357 (1,495)
----------- -----------
4,840,819 3,474,033
Less: Notes Receivable from ESOP 30,149 31,810
Less: Shares Held in Employee Benefit Trust 246 ---
----------- -----------
4,810,424 3,442,223
----------- -----------
Total Stockholders' Equity $ 7,136,946 $ 5,778,041
=========== ===========
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
<TABLE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
(In Thousands) Nine Months Ended
-----------------------------
October 29,1995 October 30,1994
------------- -------------
Cash Provided from Operations:
- - ------------------------------
<S> <C> <C>
Net Earnings $ 546,125 $ 458,522
Reconciliation of Net Earnings to Net Cash
Provided by Operations:
Depreciation and Amortization 129,358 94,175
Increase (Decrease) in Deferred Income Taxes 12,444 (13,708)
Increase in Accounts Payable and Accrued Expenses 632,911 506,249
Increase in Merchandise Inventories (461,325) (371,012)
Increase (Decrease) in Income Taxes Payable 26,871 (5,874)
Increase in Receivables, Net (73,536) (60,439)
Other, Net 25,523 22,134
------------- --------------
Total 292,246 171,525
------------- --------------
Net Cash Provided by Operations 838,371 630,047
------------- --------------
Cash Flows From Investing Activities:
- - -------------------------------------
Capital Expenditures (942,661) (801,104)
Initial Acquisition of Canadian Partnership Interest --- (161,548)
Sale of Short-Term Investments, Net 27,034 92,068
Purchase of Long-Term Investments --- (67,710)
Proceeds from Maturities of Long-Term Investments 6,257 44,846
Proceeds from Sales of Long-Term Investments 8,158 403,738
Proceeds from Sale of Property and Equipment 24,015 41,266
(Advances) Repayments of Advances Secured by Real Estate, Net (8,962) 6,425
------------- -------------
Net Cash Used in Investing Activities (886,159) (442,019)
------------- -------------
Cash Flows From Financing Activities:
- - ------------------------------------
Proceeds from Issuance of Commercial Paper, Net 100,000 ---
Proceeds from Sales of Common Stock, Net 62,995 48,172
Principal Repayments of Long-Term Debt (21,524) (310)
Cash Dividends Paid to Stockholders (65,904) (49,670)
Minority Interest Contributions to Partnership 18,482 ---
Cash Received from ESOP 1,661 2,931
----------- ---------
Net Cash Provided by Financing Activities (95,710) 1,123
----------- ---------
Effect of Exchange Rate Changes on Cash 409 ---
Increase in Cash and Cash Equivalents 48,331 189,151
Cash and Cash Equivalents, Beginning of Period 1,154 99,997
----------- ----------
Cash and Cash Equivalents, End of Period $ 49,485 $ 289,148
=========== ==========
</TABLE>
See accompanying notes to consolidated condensed financial statements.
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Summary of Significant Accounting Policies:
1. Basis of Presentation
The accompanying consolidated condensed financial statements have
been prepared in accordance with the instructions to Form 10-Q and
do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. These statements should be
read in conjunction with the consolidated financial statements and
notes thereto included in the Company's Annual Report on Form 10-K
for the year ended January 29, 1995 as filed with the Securities
and Exchange Commission (File No. 1-8207).
2. Conversion of Convertible Notes
On March 31, 1995, the Company called for redemption all of its
outstanding 4.5% Convertible Subordinated Notes due June 15, 1997
(the "Notes") at a redemption price of $1,016.75 (which included
premium and interest) per $1,000 principal amount of Notes. The
Notes were convertible by the holders thereof into Common Stock at
the rate of one share for each $38.75 principal amount of Notes
owned. All of the Notes were converted to Common Stock. Beginning
in the second fiscal quarter of 1994, the Notes had a dilutive
effect on earnings per share and accordingly, the Company has
reported earnings per share for the nine months ended October 29,
1995 assuming the Notes had been converted at the beginning of the
accounting period.
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The data below reflects selected sales data and the percentage relationship
between sales and major categories in the Consolidated Statements of Earnings
and the percentage change in the dollar amounts of each of the items.
<TABLE>
<CAPTION>
Percentage
Increase
(Decrease) in
Three Months Ended Nine Months Ended Dollar Amounts
October 29, October 30, October 29, October 30, Three Nine
1995 1994 1995 1994 Months Months
----------- ----------- ----------- ----------- -------- -------
Selected Consolidated
Statements of Earnings
Data
<S> <C> <C> <C> <C> <C> <C>
Net Sales 100.0% 100.0% 100.0% 100.0% 23.4 24.7
Gross Profit 26.9 27.2 27.3 27.5 22.3 23.7
Operating Expenses:
Selling and
Store Operating 17.9 17.8 17.7 17.4 24.1 27.3
Pre-Opening 0.3 0.4 0.4 0.3 6.2 21.1
General and
Administrative 1.7 1.8 1.7 1.8 12.8 19.4
------ ------ ------- ------
Total Operating
Expenses 19.9 20.0 19.8 19.5 22.7 26.5
Operating Income 7.0 7.2 7.5 8.0 21.1 16.8
Interest (Income)
Expense:
Interest Income 0.1 0.2 0.1 0.3 (30.3) (42.1)
Interest Expense --- (0.3) --- (0.3) (96.5) (86.2)
----- ------- ------ ------
Interest, Net 0.1 (0.1) 0.1 0.0 --- ---
Earnings Before
Income Taxes 7.1 7.1 7.6 8.0 24.2 18.7
Income Taxes 2.7 2.7 2.9 3.1 23.6 18.1
------- ------ ------ ------
Net Earnings 4.4% 4.4% 4.7% 4.9% 24.6 19.1
======= ====== ====== ======
Selected
Consolidated
Sales Data
Number of Customer
Transactions 94,767,000 77,162,000 278,015,000 226,793,000 22.8 22.6
Average Amount of
Sales Per
Transaction $ 42.19 $ 41.99 $ 42.15 $ 41.44 0.5 1.7
Weighted Average
Weekly Sales Per
Operating Store $ 792,000 $ 817,000 $ 818,000 $ 828,000 (3.1) (1.2)
Weighted Average
Sales Per Square
Foot $ 393 $ 414 $ 406 $ 420 (5.1) (3.3)
============ =========== =========== ===========
</TABLE>
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(CONTINUED)
RESULTS OF OPERATIONS
Sales for the third quarter of fiscal 1995 increased 23% to $3,997,790,000
compared to sales of $3,240,050,000 for the third quarter of fiscal 1994. For
the first nine months of fiscal 1995 sales increased 25% to $11,718,474,000
compared to sales of $9,399,215,000 for the comparable period of fiscal 1994.
These sales increases were attributable to new stores (401 at the end of the
third quarter of fiscal 1995 compared to 313 at the end of the third quarter
of fiscal 1994) and a comparable store-for-store sales increase of 1.2% for
the third quarter and 3.4% for the first nine months of fiscal 1995.
Gross profit as a percent of sales was 26.9% for the third quarter of fiscal
1995 compared to 27.2% for the comparable period of fiscal 1994. For the
first nine months of fiscal 1995, gross profit as a percent of sales was 27.3%
compared to 27.5% for the comparable period of fiscal 1994. These decreases
were attributable to, among other things, changes in merchandise mix,
aggressive lumber pricing to stimulate sales because of lower lumber costs and
corresponding retail prices, as well as continued emphasis on lower margins
due to competitive pressure in many markets.
Operating expenses as a percent of sales decreased to 19.9% for the third
quarter of fiscal 1995 compared to 20.0% for the comparable period of fiscal
1994. For the first nine months of fiscal 1995, operating expenses as a
percent of sales increased to 19.8% compared to 19.5% for the comparable
period of fiscal 1994. Selling and store operating expenses as a percent of
sales increased to 17.9% and 17.7% for the third quarter and first nine
months of fiscal 1995, respectively, compared to 17.8% and 17.4% for the
third quarter and first nine months of 1994, respectively. The increase for
the quarter and nine months was attributable to, among other things, higher
store payroll expenses due to higher average hourly wage rates resulting from a
higher percentage of long term employees versus new hires and higher credit
card costs due to increased credit sales. Pre-opening expenses as a percent
of sales were 0.3% for the third quarter of fiscal 1995 compared to 0.4% for
the same period in fiscal 1994. This decrease was primarily due to the
timing of November and December store openings where 11 fourth quarter
openings incurred pre-opening expenses in the third quarter for fiscal 1995
compared to 17 stores which opened in November and December of fiscal 1994.
Pre-opening expenses as a percent of sales were 0.4% for the first nine
months of fiscal 1995 compared to 0.3% for the comparable period of fiscal
1994. This increase was attributable to 61 new stores plus four relocations
compared to 50 new stores plus seven relocations for the comparable period of
fiscal 1994. General and administrative expenses as a percent of sales
decreased to 1.7% for both the third quarter and first nine months of fiscal
1995 compared to 1.8% for the comparable periods of fiscal 1994. These
decreases were attributable to, among other things, increased emphasis on
controlling costs and higher sales volumes.
Interest income as a percent of sales decreased to 0.1% for the third quarter
and first nine months of fiscal 1995 from 0.2% for the third quarter and 0.3%
for the first nine months of fiscal 1994. This decrease was attributable to
a lower investment base partially offset by higher effective yields.
Interest expense as a percent of sales decreased to 0% for both the third
quarter and first nine months of fiscal 1995, compared to 0.3% for the third
quarter and first nine months of fiscal 1994. This decrease was attributable
to the conversion to Common Stock of the 4.5% Convertible Subordinated Notes
due June 15, 1997 (The Notes) on March 31, 1995 and higher capitalized interest.
The Company's combined Federal and state effective income tax rate decreased
to 38.4% for the third quarter and first nine months of fiscal 1995 compared
to 38.6% for the comparable periods of fiscal 1994. In the fourth quarter of
fiscal 1994, the Company's combined Federal and state effective income tax
rate was adjusted to 38.3% for the fiscal year. The increase in the rate for
the third quarter and first nine months of fiscal 1995 from the adjusted fiscal
1994 tax rate was due to a higher effective state tax rate and the loss of
targeted jobs tax credits.
Net earnings as a percent of sales was 4.4% for both the third quarter of fiscal
1995 and fiscal 1994. For the first nine months of fiscal 1995, net earnings
as a percent of sales decreased to 4.7% compared to 4.9% for the comparable
period of fiscal 1994. This decrease was attributable to lower gross profits
and higher operating expenses partially offset by higher net interest income
and a lower effective income tax rate, as described above.
Earnings per share was $0.37 and $1.15 for the third quarter and first nine
months of fiscal 1995, respectively, compared to $0.31 and $1.00 for the third
quarter and first nine months of fiscal 1994, respectively.
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(CONTINUED)
LIQUIDITY AND CAPITAL RESOURCES
Cash flow generated from store operations provides the Company with a
significant source of liquidity. Additionally, a significant portion of the
Company's inventory is financed under vendor credit terms.
During the first nine months of fiscal 1995, the Company opened 61 stores and
relocated four of its existing stores. During the remainder of fiscal 1995, the
Company plans to open approximately 22 additional new stores and relocate one
existing store. Of the planned 83 new stores and five relocations, it is
expected that 78 will be owned and ten will be leased. The Company currently
plans to open approximately 90 stores and may relocate six existing stores
during fiscal 1996. Although some of these locations will be leased directly,
it is expected that many may be obtained through the purchase of pre-existing
leasehold interests, acquisition of land parcels and the construction or
purchase of buildings during fiscal 1995. While the cost of new stores to be
constructed and owned by the Company varies widely, principally due to land
costs, new store costs (including land, building and fixtures) are currently
estimated to average approximately $12,500,000 per location. The Company may
purchase leasehold interests at varying amounts depending upon the value of
such properties. The cost to remodel (including leasehold interests) and fixture
stores to be leased is expected to average approximately $4,000,000 per store.
In addition, each new store will require approximately $2,700,000 to finance
inventories, net of vendor financing.
On February 28,1995, the Company announced the call for redemption, on March 31,
1995 of all of its outstanding 4.5% Convertible Subordinated Notes due June 15,
1997 at a redemption price of $1,016.75 (which included premium and accrued
interest) per $1,000 principal amount of Notes. The Notes were convertible by
the holders thereof into Common Stock at the rate of one share for each $38.75
principal amount of Notes owned. All of the Notes were converted to Common
Stock. Beginning in the second fiscal quarter of 1994, the Notes had a dilutive
effect on earnings per share and accordingly, the Company has reported earnings
per share for the first quarter and first nine months of fiscal 1995 assuming
the Notes had been converted at the beginning of the accounting period.
As of October 29, 1995, the Company had $129,730,000 in cash and short-term
investments as well as $35,828,000 in long-term investments. During the third
quarter of fiscal 1995, the Company increased its outstanding borrowings related
to Commercial Paper to $200,000,000 from $0 outstanding at the end of the second
fiscal quarter of 1995. Management believes that its current cash position, the
proceeds from short-term and long-term investments, internally generated funds,
its commercial paper program, and/or the ability to obtain alternate sources
of financing should enable the Company to complete its capital expenditure
programs, including store expansion and renovation, through the next several
fiscal years.
IMPACT OF INFLATION AND CHANGING PRICES
Although the Company cannot accurately determine the precise effect of inflation
on its operations, it does not believe inflation has had a material effect on
sales or results of operations. Similarly, the Company does not believe that
changing prices have had a material affect on sales or results of operations
except as described above.
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(CONTINUED)
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
During the third quarter of fiscal 1995, no matters were submitted
to a vote of security holders.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
11.1 Computation of Earnings per Common and Common
Equivalent Share
27. Financial Data Schedule (only submitted to SEC in
electronic format)
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter
ended October 29, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
THE HOME DEPOT, INC.
(Registrant)
By: /s/ Arthur M. Blank
Arthur M. Blank
President
/s/ Marshall L. Day
Marshall L. Day
Senior Vice President
Chief Financial Officer
(Date)
<PAGE>
THE HOME DEPOT, INC. AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit Description Page
11.1 Computation of Earnings per Common and Common
Equivalent Share. . . . . . . . . . . . . . . . . .13
<PAGE>
<TABLE>
Exhibit 11.1
THE HOME DEPOT, INC. AND SUBSIDIARIES
Computation of Earnings
Per Common and Common Equivalent Share
<CAPTION>
(In Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended
October 29, October 30, October 29, October 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net earnings applicable to common
and common equivalent shares $ 175,473 $ 140,774 $ 546,125 $ 458,522
Tax effected interest expense, net
of interest capitalized, attributable
to convertible subordinated notes --- 5,606 2,415 15,946
---------- ----------- ---------- ----------
$ 175,473 $ 146,380 $ 548,540 $ 474,468
========== =========== ========== ==========
Shares:
Weighted average number of common
and common equivalent shares assuming
average market price 477,671 455,301 470,544 454,793
Additional shares from conversion
of notes --- 20,774 6,925 20,774
---------- ----------- ---------- ----------
477,671 476,075 477,469 475,567
========== =========== ========== ==========
Primary earnings per common and
common equivalent share $ 0.367 $ 0.307 $ 1.149 $ 0.998
========== ========== ========== ==========
</TABLE>
(1) Common equivalent shares represent shares granted under the
Company's stock option plans and an employee stock purchase
plan.
(2) The Company's 4.5% Convertible Subordinated Notes, issued in
1992, were common stock equivalents prior to their conversion
in March, 1995. For the nine months ended October 29, 1995
and the three and nine month periods ended October 30, 1994,
the Notes were dilutive and, accordingly, are assumed to be
converted as of the beginning of the accounting periods for
purposes of calculating earnings per share.
(3) Fully diluted earnings per share is not presented because the
impact of a higher ending market price on weighted average
common equivalent shares for the three and nine month periods
ended October 29, 1995 and October 30, 1994 was anti-dilutive.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-28-1996
<PERIOD-END> OCT-29-1995
<CASH> 49485
<SECURITIES> 80245
<RECEIVABLES> 333791
<ALLOWANCES> 0
<INVENTORY> 2214014
<CURRENT-ASSETS> 2726765
<PP&E> 4638480
<DEPRECIATION> 461450
<TOTAL-ASSETS> 7136946
<CURRENT-LIABILITIES> 1822256
<BONDS> 91401
<COMMON> 23843
0
0
<OTHER-SE> 4786581
<TOTAL-LIABILITY-AND-EQUITY> 7136946
<SALES> 3997790
<TOTAL-REVENUES> 3997790
<CGS> 2921233
<TOTAL-COSTS> 796266
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (4572)
<INCOME-PRETAX> 284863
<INCOME-TAX> 109390
<INCOME-CONTINUING> 175473
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 175473
<EPS-PRIMARY> 0.37
<EPS-DILUTED> 0
</TABLE>
