Home Depot will issue sales forecast update next week
In light of the sale of HD Supply, Home Depot will offer a revised view of its sales outlook for the year.
On July 10, the company will hold a conference call from 9 a.m. to 10:30 a.m. to update its fiscal 2007 sales and earnings guidance. A webcast of the update will be available on the company’s investor relations Web site.
Home Depot announced the sale of its HD Supply division for $10.3 billion on June 21. The new owners of Home Depot’s pro-oriented division are Bain Capital Partners, the Carlyle Group and Clayton Dubilier & Rice.
Joe DeAngelo, the CEO of HD Supply, will stay with the business, and the deal is expected to close in the third fiscal quarter. HD Supply has made a short-term transaction services agreement with its new owners to help with the transition.
At least one HD Supply subsidiary, Crown Bolt, will remain as a long-term supplier to Home Depot, company officials said, referencing a seven-year contract.
In related news, officials with the Federal Trade Commission have reviewed Home Depot’s plan to sell its wholesale distribution business and given the green light, according to a Reuters report.
U.S. antitrust authorities have completed their investigation of the proposed $10.3 billion sale to three private equity groups, Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice, the report said, and announced their decision not to block the transaction.