Price Graph
Price
Yield
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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95-3261426
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification Number)
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2455 Paces Ferry Road, Atlanta, Georgia
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30339
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Emerging growth company
¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
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amounts in millions, except share and per share data
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April 30,
2017 |
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January 29,
2017 |
||||
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ASSETS
|
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||||
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Current Assets:
|
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||||
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Cash and Cash Equivalents
|
$
|
3,565
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|
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$
|
2,538
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Receivables, net
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2,164
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|
2,029
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Merchandise Inventories
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13,609
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12,549
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Other Current Assets
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558
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608
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Total Current Assets
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19,896
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17,724
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Property and Equipment, at cost
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40,656
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40,426
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Less Accumulated Depreciation and Amortization
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18,867
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18,512
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Net Property and Equipment
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21,789
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21,914
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Goodwill
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2,095
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2,093
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Other Assets
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1,164
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|
1,235
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Total Assets
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$
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44,944
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$
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42,966
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||
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Current Liabilities:
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||||
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Short-Term Debt
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$
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—
|
|
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$
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710
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Accounts Payable
|
9,138
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7,000
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||
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Accrued Salaries and Related Expenses
|
1,353
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|
|
1,484
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Sales Taxes Payable
|
710
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|
508
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Deferred Revenue
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1,832
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|
1,669
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Income Taxes Payable
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904
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25
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Current Installments of Long-Term Debt
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544
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|
542
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Other Accrued Expenses
|
1,957
|
|
|
2,195
|
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Total Current Liabilities
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16,438
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|
14,133
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Long-Term Debt, excluding current installments
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22,393
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22,349
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Other Long-Term Liabilities
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1,916
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|
1,855
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Deferred Income Taxes
|
235
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|
|
296
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Total Liabilities
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40,982
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38,633
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STOCKHOLDERS’ EQUITY
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Common Stock, par value $0.05; authorized: 10 billion shares; issued: 1.778 billion shares at April 30, 2017 and 1.776 billion shares at January 29, 2017; outstanding: 1.197 billion shares at April 30, 2017 and 1.203 billion shares at January 29, 2017
|
89
|
|
|
88
|
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Paid-In Capital
|
9,779
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9,787
|
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Retained Earnings
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36,461
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|
35,519
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Accumulated Other Comprehensive Loss
|
(923
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)
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|
(867
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)
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Treasury Stock, at cost, 581 million shares at April 30, 2017 and 573 million shares at January 29, 2017
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(41,444
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)
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(40,194
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)
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Total Stockholders’ Equity
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3,962
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4,333
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Total Liabilities and Stockholders’ Equity
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$
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44,944
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$
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42,966
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Three Months Ended
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||||||
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amounts in millions, except per share data
|
April 30,
2017 |
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May 1,
2016 |
||||
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NET SALES
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$
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23,887
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$
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22,762
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Cost of Sales
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15,733
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14,971
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GROSS PROFIT
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8,154
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7,791
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Operating Expenses:
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Selling, General and Administrative
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4,361
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4,281
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Depreciation and Amortization
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444
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433
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Total Operating Expenses
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4,805
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4,714
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OPERATING INCOME
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3,349
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3,077
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Interest and Other (Income) Expense:
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||||
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Interest and Investment Income
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(13
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)
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|
(7
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)
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Interest Expense
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254
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244
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Interest and Other, net
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241
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237
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EARNINGS BEFORE PROVISION FOR
INCOME TAXES
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3,108
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2,840
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Provision for Income Taxes
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1,094
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1,037
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NET EARNINGS
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$
|
2,014
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$
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1,803
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Basic Weighted Average Common Shares
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1,198
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1,247
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BASIC EARNINGS PER SHARE
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$
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1.68
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$
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1.45
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Diluted Weighted Average Common Shares
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1,204
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1,252
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DILUTED EARNINGS PER SHARE
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$
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1.67
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$
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1.44
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Dividends Declared per Share
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$
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0.89
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$
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0.69
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Three Months Ended
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||||||
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amounts in millions
|
April 30,
2017 |
|
May 1,
2016 |
||||
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Net Earnings
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$
|
2,014
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$
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1,803
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Other Comprehensive (Loss) Income:
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||||
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Foreign Currency Translation Adjustments
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(30
|
)
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309
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|
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Cash Flow Hedges, net of tax
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(25
|
)
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|
11
|
|
||
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Other
|
(1
|
)
|
|
—
|
|
||
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Total Other Comprehensive (Loss) Income
|
(56
|
)
|
|
320
|
|
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COMPREHENSIVE INCOME
|
$
|
1,958
|
|
|
$
|
2,123
|
|
|
|
Three Months Ended
|
||||||
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amounts in millions
|
April 30,
2017 |
|
May 1,
2016 |
||||
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
|
Net Earnings
|
$
|
2,014
|
|
|
$
|
1,803
|
|
|
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities:
|
|
|
|
||||
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Depreciation and Amortization
|
505
|
|
|
486
|
|
||
|
Stock-Based Compensation Expense
|
81
|
|
|
72
|
|
||
|
Changes in Assets and Liabilities:
|
|
|
|
||||
|
Receivables, net
|
(145
|
)
|
|
(57
|
)
|
||
|
Merchandise Inventories
|
(1,051
|
)
|
|
(1,319
|
)
|
||
|
Other Current Assets
|
51
|
|
|
44
|
|
||
|
Accounts Payable and Accrued Expenses
|
2,062
|
|
|
1,828
|
|
||
|
Deferred Revenue
|
166
|
|
|
30
|
|
||
|
Income Taxes Payable
|
877
|
|
|
844
|
|
||
|
Deferred Income Taxes
|
(65
|
)
|
|
(78
|
)
|
||
|
Other
|
69
|
|
|
(17
|
)
|
||
|
Net Cash Provided by Operating Activities
|
4,564
|
|
|
3,636
|
|
||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
|
Capital Expenditures
|
(458
|
)
|
|
(325
|
)
|
||
|
Proceeds from Sales of Property and Equipment
|
13
|
|
|
4
|
|
||
|
Net Cash Used in Investing Activities
|
(445
|
)
|
|
(321
|
)
|
||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
|
Repayments of Short-Term Debt, net
|
(710
|
)
|
|
(350
|
)
|
||
|
Proceeds from Long-Term Debt, net of discounts
|
—
|
|
|
2,989
|
|
||
|
Repayments of Long-Term Debt
|
(11
|
)
|
|
(3,012
|
)
|
||
|
Repurchases of Common Stock
|
(1,289
|
)
|
|
(1,157
|
)
|
||
|
Proceeds from Sales of Common Stock
|
31
|
|
|
29
|
|
||
|
Cash Dividends Paid to Stockholders
|
(1,069
|
)
|
|
(862
|
)
|
||
|
Other Financing Activities
|
(33
|
)
|
|
25
|
|
||
|
Net Cash Used in Financing Activities
|
(3,081
|
)
|
|
(2,338
|
)
|
||
|
Change in Cash and Cash Equivalents
|
1,038
|
|
|
977
|
|
||
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(11
|
)
|
|
64
|
|
||
|
Cash and Cash Equivalents at Beginning of Period
|
2,538
|
|
|
2,216
|
|
||
|
Cash and Cash Equivalents at End of Period
|
$
|
3,565
|
|
|
$
|
3,257
|
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1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
2.
|
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
|
|
3.
|
FAIR VALUE MEASUREMENTS
|
|
|
Fair Value at April 30, 2017 Using
|
|
Fair Value at January 29, 2017 Using
|
||||||||||||||||||||
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||
|
Derivative agreements - assets
|
$
|
—
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
271
|
|
|
$
|
—
|
|
|
|
April 30, 2017
|
|
January 29, 2017
|
||||||||||||
|
|
Fair Value
(Level 1)
|
|
Carrying
Value
|
|
Fair Value
(Level 1)
|
|
Carrying
Value
|
||||||||
|
Senior notes
|
$
|
24.0
|
|
|
$
|
22.0
|
|
|
$
|
23.6
|
|
|
$
|
22.0
|
|
|
4.
|
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES
|
|
|
Three Months Ended
|
||||
|
|
April 30,
2017 |
|
May 1,
2016 |
||
|
Basic Weighted Average Common Shares
|
1,198
|
|
|
1,247
|
|
|
Effect of potentially dilutive securities - stock plans
|
6
|
|
|
5
|
|
|
Diluted Weighted Average Common Shares
|
1,204
|
|
|
1,252
|
|
|
Effect of anti-dilutive securities excluded from diluted weighted average common shares
|
1
|
|
|
1
|
|
|
5.
|
COMMITMENTS AND CONTINGENCIES
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
% of Net Sales
|
|
||||||||
|
|
Three Months Ended
|
|
|
|||||||
|
|
April 30, 2017
|
|
May 1, 2016
|
|
% Increase (Decrease)
in Dollar Amounts
|
|||||
|
NET SALES
|
100.0
|
%
|
|
100.0
|
%
|
|
4.9
|
%
|
||
|
GROSS PROFIT
|
34.1
|
|
|
34.2
|
|
|
4.7
|
|
||
|
Operating Expenses:
|
|
|
|
|
|
|||||
|
Selling, General and Administrative
|
18.3
|
|
|
18.8
|
|
|
1.9
|
|
||
|
Depreciation and Amortization
|
1.9
|
|
|
1.9
|
|
|
2.5
|
|
||
|
Total Operating Expenses
|
20.1
|
|
|
20.7
|
|
|
1.9
|
|
||
|
|
|
|
|
|
|
|||||
|
OPERATING INCOME
|
14.0
|
|
|
13.5
|
|
|
8.8
|
|
||
|
Interest and Other (Income) Expense:
|
|
|
|
|
|
|||||
|
Interest and Investment Income
|
(0.1
|
)
|
|
—
|
|
|
85.7
|
|
||
|
Interest Expense
|
1.1
|
|
|
1.1
|
|
|
4.1
|
|
||
|
Interest and Other, net
|
1.0
|
|
|
1.0
|
|
|
1.7
|
|
||
|
|
|
|
|
|
|
|||||
|
EARNINGS BEFORE PROVISION FOR INCOME TAXES
|
13.0
|
|
|
12.5
|
|
|
9.4
|
|
||
|
Provision for Income Taxes
|
4.6
|
|
|
4.6
|
|
|
5.5
|
|
||
|
NET EARNINGS
|
8.4
|
%
|
|
7.9
|
%
|
|
11.7
|
%
|
||
|
SELECTED SALES DATA
(1)
|
|
|
|
|
|
|||||
|
Number of Customer Transactions
(in millions)
|
380.8
|
|
|
374.8
|
|
|
1.6
|
%
|
||
|
Average Ticket
|
$
|
62.39
|
|
|
$
|
60.03
|
|
|
3.9
|
%
|
|
Sales per Square Foot
|
$
|
394.17
|
|
|
$
|
376.73
|
|
|
4.6
|
%
|
|
Comparable Store Sales Increase (%)
(2)
|
5.5
|
%
|
|
6.5
|
%
|
|
N/A
|
|
||
|
Online Sales (% of Net Sales)
(3)
|
6.6
|
%
|
|
5.7
|
%
|
|
22.8
|
%
|
||
|
(1)
|
Selected Sales Data does not include results for Interline, which was acquired in the third quarter of fiscal 2015.
|
|
(2)
|
Includes sales at locations open greater than 12 months, including relocated and remodeled stores and online sales, and excluding closed stores. Retail stores become comparable on the Monday following their 365
th
day of operation. Comparable store sales is intended only as supplemental information and is not a substitute for Net Sales or Net Earnings presented in accordance with U.S. generally accepted accounting principles.
|
|
(3)
|
Consists of sales generated online through our websites for products picked up in stores or delivered to customer locations.
|
|
|
|
For the Twelve Months Ended
|
||||||
|
|
|
April 30,
2017 |
|
May 1,
2016 |
||||
|
Net Earnings
|
|
$
|
8,168
|
|
|
$
|
7,233
|
|
|
Add:
|
|
|
|
|
||||
|
Interest and Other, net
|
|
940
|
|
|
797
|
|
||
|
Provision for Income Taxes
|
|
4,591
|
|
|
4,224
|
|
||
|
Operating Income
|
|
13,699
|
|
|
12,254
|
|
||
|
Subtract:
|
|
|
|
|
||||
|
Income Tax Adjustment
(1)
|
|
4,936
|
|
|
4,464
|
|
||
|
Net Operating Profit After Tax
|
|
$
|
8,763
|
|
|
$
|
7,790
|
|
|
|
|
|
|
|
||||
|
Average Debt and Equity
(2)
|
|
$
|
27,091
|
|
|
$
|
26,639
|
|
|
|
|
|
|
|
||||
|
Return on Invested Capital (NOPAT / Average Debt and Equity)
|
|
32.3
|
%
|
|
29.2
|
%
|
||
|
(1)
|
Income Tax Adjustment is defined as Operating Income multiplied by the Company's effective tax rate.
|
|
(2)
|
Average Debt and Equity is defined as the average of beginning and ending long-term debt, including current installments, and equity for the most recent twelve-month period.
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
Item 4.
|
Controls and Procedures
|
|
Item 1.
|
Legal Proceedings
|
|
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
1.
|
During the
first
quarter of fiscal
2017
, the Company issued
547
deferred stock units under The Home Depot, Inc. Non-Employee Directors' Deferred Stock Compensation Plan pursuant to the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and Rule 506 of the SEC's Regulation D thereunder. The deferred stock units were credited to the accounts of those non-employee directors who elected to receive all or a portion of board retainers in the form of deferred stock units instead of cash during the
first
quarter of fiscal
2017
. The deferred stock units convert to shares of common stock on a one-for-one basis following a termination of service as described in this plan.
|
|
2.
|
During the
first
quarter of fiscal
2017
, the Company credited
1,283
deferred stock units to participant accounts under The Home Depot FutureBuilder Restoration Plan pursuant to an exemption from the registration requirements of the Securities Act for involuntary, non-contributory plans. The deferred stock units convert to shares of common stock on a one-for-one basis following the termination of service as described in this plan.
|
|
Period
|
|
Total
Number of
Shares
Purchased
(1)
|
|
Average Price
Paid
Per Share
(1)
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Program
(2)
|
|
Dollar Value of
Shares that May Yet
Be Purchased
Under the Program
(2)
|
||||||
|
January 30, 2017 – February 26, 2017
|
|
663,078
|
|
|
$
|
145.06
|
|
|
522,500
|
|
|
$
|
14,924,133,239
|
|
|
February 27, 2017 – March 26, 2017
|
|
3,932,835
|
|
|
$
|
147.21
|
|
|
3,609,685
|
|
|
$
|
14,392,857,295
|
|
|
March 27, 2017 – April 30, 2017
|
|
4,619,924
|
|
|
$
|
148.54
|
|
|
4,324,537
|
|
|
$
|
13,750,000,298
|
|
|
|
|
9,215,837
|
|
|
$
|
147.72
|
|
|
8,456,722
|
|
|
|
||
|
(1)
|
These amounts include repurchases pursuant to the Company's 1997 and Amended and Restated 2005 Omnibus Stock Incentive Plans (the "Plans"). Under the Plans, participants may surrender shares as payment of applicable tax withholding on the vesting of restricted stock and deferred share awards. Participants in the Plans may also exercise stock options by surrendering shares of common stock that the participants already own as payment of the exercise price. Shares so surrendered by participants in the Plans are repurchased pursuant to the terms of the Plans and applicable award agreement and not pursuant to publicly announced share repurchase programs.
|
|
(2)
|
In the first quarter of fiscal 2017, the Board of Directors authorized a $15.0 billion share repurchase program that replaced the previous authorization. The program does not have a prescribed expiration date.
|
|
Item 6.
|
Exhibits
|
|
*3.1
|
|
|
|
|
|
|
|
*3.2
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
|
|
|
15.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
101
|
|
The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2017, formatted in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Earnings; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
|
|
|
|
|
|
|
THE HOME DEPOT, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
By:
|
/s/ CRAIG A. MENEAR
|
|
|
|
Craig A. Menear
|
|
|
|
Chairman, Chief Executive Officer and
|
|
|
|
President
|
|
|
|
|
|
|
|
/s/ CAROL B. TOMÉ
|
|
|
|
Carol B. Tomé
|
|
|
|
Chief Financial Officer and
|
|
|
|
Executive Vice President – Corporate Services
|
|
|
May 22, 2017
|
|
(Date)
|
|
|
|
|
|
Exhibit
|
Description
|
|
|
|
||
|
Exhibits marked with an asterisk (*) are incorporated by reference to exhibits or appendices previously filed with the SEC, as indicated by the references in brackets. All other exhibits are filed or furnished herewith.
|
||
|
|
|
|
|
*3.1
|
|
|
|
|
|
|
|
*3.2
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
|
|
|
15.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
101
|
|
The following financial information from the Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2017, formatted in XBRL (Extensible Business Reporting Language) and filed electronically herewith: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Earnings; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|---|---|---|
Wayne A. I. Frederick, M.D. was initially elected to the Board in February 2020. He is the President Emeritus of Howard University, having previously served as the 17th President from July 2014 -September 2023, and is the distinguished Charles R. Drew Professor of Surgery at the Howard University College of Medicine. He is also a practicing cancer surgeon at Howard University Hospital. Prior to that Dr. Frederick served as Howard University’s Interim President (elected October 2013) after serving as Provost and Chief Academic Officer for more than a year. | |||
Raquel C. Bono, M.D. was initially elected to the Board in September 2020. Dr. Bono is a Principal at RCB Consulting having held this position since October 2019, and serves as CEO and Chief of Surgical Innovation at Medical iSight, having held this position since 2023. Dr. Bono was formerly Chief Health Officer at Viking Cruises from November 2020 until her retirement in December 2023. Prior to Viking Cruises, Dr. Bono, a board-certified trauma surgeon and retired Vice Admiral, U.S. Navy Medical Corps, served as the Chief Executive Officer and Director for the Defense Health Agency (DHA). In this capacity, Dr. Bono led a joint, integrated combat support agency that enables all branches of the U.S. military medical services to provide health care services to combatant commands in times of both peace and war. Dr. Bono integrated an unprecedented $50 billion worldwide health care enterprise for the Army, Navy, Air Force, and Marine Corps, composed of 50 hospitals and 300 clinics that provide care to 9.5 million military personnel, oversaw the Department of Defense deployment of the electronic health record, and facilitated the collaboration between the largest federated health systems of the Department of Defense and Department of Veterans Affairs (VA). An American College of Surgeons (ACS) Fellow since 1991, Dr. Bono served on the ACS Board of Governors and the Governors Health Policy and Advocacy Workgroup. She has been honored with the Defense Distinguished Service Medal, three Defense Superior Service Medals, four Legion of Merit Medals, two Meritorious Service Medals, and two Navy and Marine Corps Commendation medals. | |||
Marcy S. Klevorn was initially elected to the Board in February 2021. Ms. Klevorn was formerly the Chief Transformation Officer of Ford Motor Company from May 2019 until her retirement in October 2019. In this role, she accelerated the company’s transformation by helping to refine its corporate governance systems, facilitate faster adoption of agile teams across the business and ensure process improvements across the enterprise. She also facilitated strategic partnerships with key technology partners and supported the company’s diversity efforts. Having joined Ford Motor Company in 1983, Ms. Klevorn served in key executive and leadership roles within the company’s information technology organization including Director of the Office of the Chief Information Officer and Group Vice President of Information Technology. Ms. Klevorn also served as Executive Vice President and President of Ford Smart Mobility LLC, a division of Ford Motor Company, where she oversaw certain acquisitions and other investments and helped to accelerate the company’s plans to design, build, grow and invest in emerging mobility services and global data insight and analytics. | |||
Kurt J. Hilzinger was initially elected to the Board in July 2003 and was elected Chairman of the Board effective January 1, 2014. Mr. Hilzinger served as Lead Director from August 2010 until his appointment as Chairman. Mr. Hilzinger is a Partner at Court Square Capital Partners (Court Square), an independent private equity firm, having held this position since November 2007. At Court Square, Mr. Hilzinger focuses principally on investments in the healthcare industry. | |||
Karen W. Katz, M.B.A. was initially elected to the Board in September 2019. She was most recently interim CEO of Intermix, LLC from June 2022 to December 2022. Prior to Intermix, Ms. Katz served as the President and CEO of Neiman Marcus Group LTD LLC from 2010 to February 2018. Neiman Marcus Group is an international multibrand omni-channel retailer whose portfolio of brands includes Neiman Marcus, Bergdorf Goodman and MyTheresa. Having joined Neiman Marcus in 1985, Ms. Katz served in key executive and leadership roles in the company’s merchant, stores and eCommerce organizations as Executive Vice President—Stores, a member of the Office of the Chairman of Neiman Marcus Group, and President, Neiman Marcus Online, and President and CEO, Neiman Marcus Stores. | |||
Jorge S. Mesquita was initially elected to the Board in February 2021. Mr. Mesquita was formerly Chief Executive Officer of BlueTriton Brands, from July 2021 until March 2022. In this role Mr. Mesquita led the company’s initiatives to expand market leadership, advance commitment to sustainability and environmental stewardship and to realize the potential of the company’s portfolio of water brands. | |||
John W. Garratt was initially elected to the Board in February 2020. He was formerly the President and Chief Financial Officer of Dollar General Corporation, having held this position from September 2022 to June 2023. Mr. Garratt joined Dollar General in October 2014 as Senior Vice President, Finance & Strategy and subsequently served as Interim Chief Financial Officer from July 2015 to December 2015 and most recently served as Executive Vice President and Chief Financial Officer from December 2015 to September 1, 2022. Prior to joining Dollar General, Mr. Garratt held various positions of increasing responsibility with Yum! Brands, Inc., one of the world’s largest restaurant companies, between May 2004 and October 2014, holding leadership positions in corporate strategy and financial planning. Mr. Garratt served as Vice President, Finance and Division Controller for the KFC division and earlier for the Pizza Hut division and for Yum Restaurants International between October 2013 and October 2014. Mr. Garratt also served as the Senior Director, Yum Corporate Strategy, from March 2010 to October 2013, reporting directly to the corporate Chief Financial Officer and leading corporate strategy as well as driving key cross-divisional initiatives. Mr. Garratt served in various other financial positions at Yum from May 2004 to March 2010. Prior to his career at Yum! Brands, Mr. Garratt served as Plant Controller for Alcoa Inc. between April 2002 and May 2004, and held various financial management positions at General Electric from March 1999 to April 2002. He began his career in May 1990 at Alcoa, where he served for approximately nine years. | |||
James A. Rechtin Director, President and Chief Executive Officer, and Stockholder March 7, 2025 | |||
Gordon Smith was initially elected to the Board in October 2024. Mr. Smith was formerly the Co-President and Co-Chief Operating Officer of JPMorgan Chase & Co. (JPMorgan), having held these positions from 2018 until retiring in January of 2022. In this role, Mr. Smith served as a member of the firm’s Operating Committee and helped oversee all aspects of the company’s business and operations. Mr. Smith’s career at JPMorgan began in 2007 and spanned 15 years, where he previously served as Chief Executive Officer of Consumer & Community Banking (2012-2021), and prior to that held various roles of increasing responsibility, including as CEO of Chase Card Services, Auto Finance and Student Lending (2011-2012), and CEO of Chase Card Services (2007-2011). Prior to his time at JPMorgan, Mr. Smith spent more than 25 years at American Express, where he led and managed several businesses, including the Global Commercial Card Business. Mr. Smith is also an operating advisor to Clayton Dubilier & Rice. | |||
The Board believes that Mr. D’Amelio’s skills, global experience and proven leadership in both financial and operational roles contribute greatly to the Board’s composition. As a senior executive at various global companies undergoing the kind of rapid and complex changes that the Company has undertaken in response to the rapidly changing markets and regulatory environment, Mr. D’Amelio has extensive knowledge of the capital markets as well as broad experience working with the investment community, regulatory bodies and rating agencies. | |||
David T. Feinberg, M.D. was initially elected to the Board in March 2022. Dr. Feinberg is Chairman of Oracle Health, where he is committed to making healthcare more accessible, affordable, and equitable. His work advances thought leadership and strategy related to unleashing the healing power of data through an open and connected healthcare ecosystem. Previously, Dr. Feinberg served as President and Chief Executive Officer and member of the Board of Directors of Cerner Corporation (Cerner), which is now Oracle Health. In that role Dr. Feinberg focused on delivering tools and technology to help caregivers optimize the health of their patients and communities. |
|
Name and Principal Position |
Year |
Salary ($) |
Bonus ($) |
Stock Awards ($) |
Option Awards ($) |
Non-Equity Incentive Plan
Compensation
|
Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) |
All Other Compensation ($) |
Total ($) |
||||||||||||||||||||||||||||||||||||
|
James A. Rechtin
|
2024 | 1,105,769 | — | 7,317,483 | 4,495,979 | 1,943,477 | — | 716,768 | 15,579,476 | ||||||||||||||||||||||||||||||||||||
|
Bruce D. Broussard
|
2024 | 1,344,231 | — | 8,000,037 | 0 | 2,491,803 | — | 221,093 | 12,057,164 | ||||||||||||||||||||||||||||||||||||
| 2023 | 1,469,893 | — | 10,898,833 | 3,492,874 | — | — | 465,784 | 16,327,384 | |||||||||||||||||||||||||||||||||||||
| 2022 | 1,349,465 | — | 9,638,547 | 2,785,410 | 3,072,394 | — | 353,028 | 17,198,844 | |||||||||||||||||||||||||||||||||||||
|
Susan M. Diamond
|
2024 | 846,192 | — | 6,733,897 | 948,087 | 911,377 | — | 177,961 | 9,617,514 | ||||||||||||||||||||||||||||||||||||
| 2023 | 790,000 | — | 2,802,776 | 898,145 | — | — | 239,812 | 4,730,733 | |||||||||||||||||||||||||||||||||||||
| 2022 | 750,000 | — | 2,258,317 | 652,754 | 975,750 | — | 174,177 | 4,810,998 | |||||||||||||||||||||||||||||||||||||
|
David E. Dintenfass
|
2024 | 605,769 | 5,684,000 | 6,084,670 | 4,877,489 | 601,407 | — | 208,222 | 18,061,557 | ||||||||||||||||||||||||||||||||||||
|
Sanjay K. Shetty, M.D.
|
2024 | 694,808 | 550,000 | 3,798,420 | 623,769 | 661,107 | — | 107,159 | 6,435,263 | ||||||||||||||||||||||||||||||||||||
| 2023 | 493,269 | 1,400,000 | 1,401,072 | 449,844 | — | — | 837,756 | 4,581,941 | |||||||||||||||||||||||||||||||||||||
|
George Renaudin II
|
2024 | 717,885 | — | 3,906,380 | 661,165 | 756,626 | — | 110,025 | 6,152,081 | ||||||||||||||||||||||||||||||||||||
| 2023 | 655,000 | — | 1,712,892 | 548,910 | — | — | 135,676 | 3,052,478 | |||||||||||||||||||||||||||||||||||||
Customers
| Customer name | Ticker |
|---|---|
| Big Lots, Inc. | BIG |
| D.R. Horton, Inc. | DHI |
| Dillard's, Inc. | DDS |
| KB Home | KBH |
| Lennar Corporation | LEN |
| Lowe's Companies, Inc. | LOW |
| PulteGroup, Inc. | PHM |
| Toll Brothers, Inc. | TOL |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|---|---|---|
| BROUSSARD BRUCE D | - | 85,130 | 25,000 |
| Mellet Celeste | - | 29,676 | 0 |
| Diamond Susan M | - | 19,960 | 2,179 |
| HILZINGER KURT J | - | 19,448 | 0 |
| Ventura Joseph C | - | 17,267 | 264 |
| Renaudin George II | - | 15,702 | 512 |
| Fleming William Kevin | - | 11,723 | 121 |
| Shetty Sanjay K | - | 7,317 | 0 |
| Mehta Japan | - | 5,046 | 0 |
| Huval Timothy S. | - | 4,368 | 0 |
| Wheatley Timothy Alan | - | 3,983 | 1,025 |
| Schick Susan D. | - | 3,687 | 0 |
| Diamond Susan M | - | 3,131 | 2,145 |
| Renaudin George II | - | 1,547 | 482 |
| Smith Gordon | - | 765 | 0 |
| Feinberg David T | - | 441 | 0 |
| SMITH BRAD D | - | 386 | 0 |
| JONES DAVID A JR/KY | - | 380 | 32,440 |
| Felter John-Paul W. | - | 145 | 0 |
| OBRIEN JAMES J /KY | - | 0 | 1,794 |
| Mesquita Jorge S. | - | 0 | 3,361 |
| Rechtin James A. | - | 0 | 30,474 |
| DAMELIO FRANK A | - | 0 | 20,634 |
| McDonald William J. | - | 0 | 2,276 |