|Legal Name:||The Home Depot, Inc.|
|Headquarters Regions:||Atlanta, Georgia, United States|
|Founded Date:||6 February 1978|
|Founders:||Arthur Blank, Ken Langone, Bernard Marcus, Pat Farrah, Ron Brill|
|Number of Employees:||400000+|
|Area served:||United States of America and world|
|Products of Company:||home improvement retailer|
|Net Worth in 2023:||$250 Billion|
The Home Depot, commonly known as Home Depot, is one of the largest home improvement companies, mostly supplying construction products, tools, and services. The company’s headquarters is at Atlanta Store Support Center. Some of its largest stores are in Anaheim Hill, California, and another one in Vauxhall, New Jersey.
Bright orange is the color the company uses on its equipment and aprons of employees. The first slogan was “The Home Depot, and Low Price is just beginning.” They changed it in 1999 to The Home Depot: First in Home Improvement, which lasted until 2003. Then, their motto changed to “More Saving. More Doing. Their current slogan is “How Doers Get It More,” which was announced on 5 December 2019.
The Home Depot also owns MRO company Interline Brands and has over 70 distribution centers in the United States.
Well, how well do you know about The Home Depot? If not much, we have compiled all you need to know about The Home Depot’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about The Home Depot to date.
The Home Depot was co-founded by four members, Bernard Marcus, Arthur Blank, Ron Brill, and Pat Farrah, in 1978. The main reason for coming up with the idea of setting up this company was to build home-improvement superstores. Their dream was to have the largest facilities, and Ken Langone, an investment banker, helped them secure enough capital.
By 1979, they had their first two stores opened in Metro Atlanta. The Home Depot decided to go public on the NASDAQ on 22 September 1981, and on 22 September, they offered their Initial Public Offering. At this time, they had already started opening branches in Georgia and Florida. On 14 April 1984, they joined New York Stock Exchange.
The same year 1984, reached a total of 19 stores with a sale of $256 million. The Home Depot decided to acquire Bowater Home Center, which cost them $40 million in order to enter the Dallas market. This expansion caused financial difficulties, and their earnings dropped, and debt rose to $200 million. Their stock price also fell, and in order to restructure their debt, they opened only ten stores in 1986.
By 1989, The Home Depot was the largest home improvement store being ahead of Lowe’s. In 1991, they launched an installation program to produce quality home improvement items like windows and carpets, which was called EXPO.
Again, The Home Depot purchased yet another store, San Diego maintenance and repair Supplies company, in 1997 at $245 million. In 1999, they acquired Apex Supply and Maintenance Warehouse, which was rebranded to The Home Depot Supply in 2004. Apex Supply was in charge of distributing plumbing, industrial pipes, and fitting material.
Robert Nardelli became the president and CEO of The Home Depot in 2000.
With Robert Nardelli, the CEO, The Home Depot continued to expand. It entered the Mexican market in 2002 and began to build stores in Mexicali and Tijuana. Home Depot Landscape Supply was launched the same year, 2002, in order to work well with upscale plants and professional landscapers. Home Depot Landscape Supply stores only lasted for five years as they were all closed in 2007.
Home Depot Direct launched an online furnishing store in 2005 and later opened Paces Trading Company the same year. An additional brand, Home Decorators Collection, was acquired under the Home Depot Direct division in 2006. The same year, they acquired Hughes Supply, which is the largest retailer in the U.S., at $3.2 billion.
Robert resigned from CEO on 2 January 2007, after a six-year contract, and was succeeded by Frank Blake, who served as the company’s chairman. Between 2008 and 2009, there was a downturn in the housing market, and The Home Depot laid off several associates as well as closing about 54 stores, EXPO Design included. Frank Blake stepped down as CEO in August 2014, and Craig Menear took over, and Blake continued as the company’s chairman.
They acquired Interline Brands in July 2015 for $1.6 billion but became fully integrated with Home Depot in 2016.
Awards & Achievements
The company has had great achievements since the time they founded it as it has gradually grown from one level to another. They have opened a lot of stores and have been able to create a lot of employment for people. For a good job, they have been awarded some of the following, best company outlook, best marketing team, best company for women, all in 2019. They also were awarded the best CEO of the year and best CEOs diversity of the same year. They have also been ranked as the largest state corporation in the U.S.
Net Worth & Earnings of The Home Depot in 2023
As of 2023, The Home Depot has a net worth of over $250 billion. This amount has come from the various stores they own, having over 2284 stores in different countries. With this wealth, they have been able to employ over 423000 workers. It has been named as a multinational company, considering the wealth that it has accumulated.
The Home Depot is one of the largest companies in the world, which has been able to create employment for a great number of people. It is known all over the world for its supply of quality home improvement equipment. The company has opened many branches since it was founded in 1978 and is even determined to go further. The journey has not been that smooth, but the determination of its founders kept them moving.