Provided you're willing to slog through its annual report, The Home Depot's filing to the SEC tells a lot about the company beyond the net sales of $70.4 billion and the net earnings of $3.9 billion it recorded in the year ended Jan. 29. For instance, its gross profit hit 34.3% and inventory turns rose to 4.3. Comparable-store sales of lumber and millwork declined.
But of all the numbers that The Home Depot presented, what may be most notable is the fact that the company opened 2.4 million new private-label credit accounts last year, bringing its total number of active account holders to 10 million.
Those private label-card sales accounted for roughly 22% of The Home Depot's sales in fiscal 2011, the company said. That's $15.5 billion worth of sales that The Home Depot might not have made otherwise.