Home Depot is scheduled to begin construction of a store in Anna this month as the company continues to expand.
According to a Texas Department of Licensing and Regulation filing, the anticipated completion date of the 106,270-square-foot store is April 2025. The project bears an estimated construction cost of $18.4 million. The Atlanta-based company is also building its second store in Denton.
The Atlanta Business Chronicle reported in September that Home Depot planned to open 80 stores in the next five years in markets where the population has increased, per the Atlanta Business Chronicle. Company sales have increased 110% over the last decade, the Atlanta Business Chronicle reported, while it grew its retail space by just 3%.
“You think about 25 million new Americans,” said Billy Bastek, executive vice president of merchandising for Home Depot. “You think about household formation. And you think about, really in our sector, no new stores [have been opened] for the last 10, 12 years. So, it’s an opportunity for us.”
At the end of the third quarter of fiscal year 2023, Home Depot operated 2,333 stores around the world. Over the same period, it posted sales of nearly $38 billion — a decrease of 3% from the previous year, according to an earnings statement. For the third quarter, net earnings reached $3.8 billion, compared to $4.3 billion over the same period in fiscal year 2022.
“Our quarterly performance was in line with our expectations,” CEO Ted Decker said in a press statement. “Similar to the second quarter, we saw continued customer engagement with smaller projects, and experienced pressure in certain big-ticket, discretionary categories. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro, and grow our store footprint.”
The company’s fourth-quarter earnings call is scheduled for February 20.
Trackbacks/Pingbacks