The ratings on Home Depot Inc. reflect the company's leading position in the still-fragmented home improvement industry and its consistently excellent financial profile. Atlanta, Ga.-based Home Depot, which pioneered the full-service, warehouse-style format in the 1970s, has established itself as the clear leader in the more than $400 billion home improvement industry. It is more than twice the size of its nearest competitor, Lowe's Cos. Inc. The company's quality customer service, competitive prices, and broad merchandise selection distinguish it from the competition. In early January of 2003, Home Depot revised its expectations for same-store sales declines of as much as 10% for the fourth quarter of 2002. Home Depot also lowered its earnings per share guidance for fiscal 2002. Lower
