three Modell’s Shoppers World stores on Long Island. In 1989 Home Depot added 22 Stores, primary in California, Florida, and New England. Home Depot’s sales rose during the 1990-1992 recession. They opened more than 50 stores in 1990 and 1991, including its first units in New Hampshire, Massachusetts, and Maryland. It acquired a 75% interest in Aikenhead’s a Canadian home improvement retailer, in 1994. A series of gender bias lawsuit began to plague the company in 1994, as female workers on the West Coast claimed they were not trained promote, or paid on an equal basis with male employees. The company reached a $65 million out-of-court settlement in that class action suit in 1997, but not before the US Equal Employment Opportunity Commission joined in Louisiana and the company was ordered to pay another female employee $1.7 million in a case in Oakland, California.Home Depot past the 500-store mark in 1997. In mid-1997 Blank succeeded Marcus as the company’s CEO; Marcus remained chairman. Home Depot bought National Blind & Wallpaper Factory (a mail order firm) and Maintenance Warehouse (a direct-mail marketer). In 1998, Home Depot announced it had reached an agreement with Canada’s Molson Companies Ltd. To purchase for $375 million (Canadian money) Molson’s 25 % partnership interest in the Home Depot Canada. This transaction gave Home Depot total control of its Canadian operations, since then it has opened 53 stores in Canada.Financial HighlightsNet sales for fiscal 1999 increased 27.2% to $38.4 billion from $30.2 billion in fiscal 1998. This increase was attributable to full year sales from 138 new stores opened during fiscal 1998, a 10% comparable store-for-store sales increase, and 169 new store opening and 6 store relocations during fiscal 1999. Gross profit as percent of sales was 29.7% for fiscal 1999 compared to 28.5% for fiscal 1998. The increase was due to lower cost of merchan...
