Home Depot unveils solar farm initiative
The Home Depot is rolling out a solar initiative with the creation of mini solar rooftop farms at 50 locations.
By converting unused rooftops into solar energy farms, the retailer expects to reduce electricity grid demand by an estimated 30 to 35% annually at each location (enough to power 2,300 average U.S. homes for a year).
At the moment, Home Depot and Current (powered by GE) are working on 20 installations in New Jersey, plus eight stores in Connecticut, Maryland and Washington, D.C. An additional 22 stores in California and New York will also receive installations, and six of these will feature Tesla Powerpacks to store energy and dispatch additional power as needed.
On average, each roof, measuring approximately 104,000 square feet, will fit 1,000 panels.
"Our alternative energy projects are important elements of our sustainability and operations efforts as they reduce carbon emissions while also lowering our energy costs," said David Hawkins, vice president of labor and operations for The Home Depot.
This construction is expected to continue throughout 2017.
Highlights from Depot’s Record Quarter
The world's largest home improvement retailer set records for sales and earnings in the second quarter of 2017. Sales were up 6.2% to $28.1 billion.
Here are some of the highlights from the company’s earnings recap to analysts.
Home Depot’s dot-com business represented 6.4% of sales, and grew about 23% in the quarter, compared to the same quarter last year. “ Our digital team continues to invest in content, site improvements, and better mobile experiences to take the friction out of the interconnected experience online; while our operations team remains focused on improving the interconnected experience in the store,” said CEO Craig Menear.
Transactions over $900, representing about 22% percent of U.S. sales, were up 12.4%.”A few drivers behind the increase in big-ticket purchases were appliances, flooring, and certain Pro-heavy categories,” said Ted Decker, executive VP of merchandising.
In the third quarter, Home Depot will introduce PPG Timeless paint. The product carries a guaranteed one-coat coverage in both interior and exterior paint. PPG, says Decker, is “a brand that has been trusted by Pros for over 100 years.”
Home Depot posted second quarter comps in the U.S. of positive 6.6%. Lumber, electrical, tools, and flooring had double-digit comps in the quarter. Building materials, appliances, indoor garden, and décor were above the company average.
Pro Sales outpaced total company sales. “We saw strong comps across several lumber and building material categories, as well as categories like pipe and fittings, power tools, and wire,” said Decker.
In the quarter, Home Depot completed the acquisition of Compact Power. “Compact Power has provided larger jobsite equipment rentals at more than a thousand Home Depot stores since 2009. The acquisition is yet another investment to enhance our portfolio of service offerings for our Pros and though we have worked closely with the Compact Power Equipment team for many years,” said Menear.
After a drought of new U.S. store openings since 2013, the company has opened 3 new U.S stores so far in 2017. “Our new U.S. stores fill open voids and we are pleased with their initial sales performance,” said Carol Tome, CFO.