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Great news for the great outdoors (retailer)
SEATTLE -- REI (Recreational Equipment Inc.) announced 2010 sales of $1.66 billion, up 14% from $1.46 billion the previous year, proving that even in a down economy outdoor enthusiasts will find ways to support their passion. Net income in 2010 was $30.2 million, up 1.4% from $29.8 million in the previous year. The company’s direct sales channel, which includes online and catalog sales, grew by 22.9%. Comp-store sales grew by 8.1%, up from negative 3.5% in 2009.
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Home Depot plans $2 billion of debt to build cash, buy stock
Atlanta -- Home Depot said Monday it is returning to the corporate bond market for the second time in less than seven months to rebuild its cash stockpile and finance share buybacks.
According to a filing with the Securities and Exchange Commission, the company plans to sell 10- and 30-year bonds. It is offering $1 billion of each maturity.
Home Depot is replacing $1 billion of 5.2% notes issued in 2006 that matured March 1, and raising money to buy its own stock. The notes may be sold as soon as Monday.