Arthur M. Blank, co-founder of The Home Depot, was introduced to the startup life as a kid. His father launched a mail-order pharmacy business out of the one-bedroom apartment the family of four shared in the Sunnyside section of Queens, New York. Four years later, darkness set in when Blank’s father died suddenly. His mother picked up the pieces of both the family and the family business. She plowed ahead and became a successful entrepreneur, ultimately selling the company.

“My mother used to say, ‘make decisions for the right reason and live with the consequences,'” Blank tells Inc. That’s why, for instance, he decided to delay the reopening of the Mountain Sky Guest Ranch, a dude ranch he owns in Montana, even though it typically runs at more than 90 percent occupancy and guests were yearning to return. “We knew that if we opened we would bring disease into the

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Home Depot  (HD) – Get Report named a new president and chief operating officer — Edward Decker, who currently is its executive vice president of merchandising.

Decker, 57, earlier had held the post of senior vice president of retail finance, pricing analytics, and assortment planning at the Atlanta home-improvement chain. He joined Home Depot in 2000. The president and COO positions are new at Home Depot.

Home Depot shares recently traded $276.56, down 0.4%, on a down day on Wall Street. The stock has advanced 55% over the past six months as consumers, locked down during the pandemic, put a lot into fixing up their homes.

In addition to Decker’s appointment, Ann-Marie Campbell has been named executive vice president of U.S. stores and international operations. She adds responsibility for all operations, business functions and strategy for the Canada and Mexico businesses.

And Jeff Kinnaird has been named executive

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Billionaire businessman Arthur Blank told CNBC on Monday that businesses must care about more than just profitability, suggesting social responsibility should also be an area of emphasis.  

“If you don’t care about people, profit and the planet at the same time, profitability by itself isn’t really enough,” Blank said on “Power Lunch.” “And the truth of the matter is, you can have them both, and I think we should have them both.”

Blank, who co-founded The Home Depot in 1978, is now owner of the NFL’s Atlanta Falcons and Atlanta United of Major League Soccer. His comments Monday came one day before the release of his book, “Good Company,” which details his business career and his views on corporate strategy. 

The remarks also come shortly after the 50th anniversary of the publication of economist Milton Friedman’s seminal essay, “The Social Responsibility of Business is to Increase its Profits.” In recent

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The Home Depot, Inc. (NYSE:HD) Goldman Sachs 27th Annual Global Retailing Virtual Conference September 10, 2020 11:40 AM ET

Corporate Participants

Craig Menear – Chief Executive Officer

Ted Decker – EVP Merchandising

Conference Call Participants

Kate McShane – Goldman Sachs

Kate McShane

Everyone thank you for joining us for our Virtual Lunch Presentation. My name is Kate McShane, I’m the hardline, broadline analyst here at Goldman Sachs. It’s my pleasure today to introduce the members of the management team from the Home Depot.

Home Depot reported second quarter results recently with comps up over 23% with broad based strength throughout the quarter, all month for over 20% in every region comps double-digit and strong demand was carried through to the first two weeks of August with comps still at similar levels, 13 of 14 merchandise departments posted double-digit comps with DIY still outperforming but Pro accelerating meaningfully versus Q1.

We’re

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  • Home Depot is changing the structure of its Black Friday sales, replacing one night of frenzied shopping with sales extending from early November through December. 
  • The hardware store giant joins major retailers like Target and Nordstrom in extending their holiday shopping period.
  • Visit Business Insider’s homepage for more stories.

Home Depot announced it is “reinventing” its Black Friday this year, replacing the feverish, one-night shopping event with over two months of sales. The holiday sales will begin in early November and continue through the end of December, according to a press release. 

Home Depot’s sales will be available both in-store and online, with a big push to download the retailer’s app. Mobile app users will be able to get a jump-start on promotions by previewing deals before they go live online. The store also touts free shipping on over 1 million items available on its website, including fresh Christmas trees. 

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Arthur Blank wearing glasses: Home Depot cofounder Arthur Blank said it's time for retailers to "look to 2021." Michael Reaves/Getty Images


© Michael Reaves/Getty Images
Home Depot cofounder Arthur Blank said it’s time for retailers to “look to 2021.” Michael Reaves/Getty Images

  • The coronavirus pandemic has been rough on the retail industry.
  • Business Insider interviewed Home Depot cofounder Arthur Blank about his thoughts on the current state of the industry.
  • He said that retailers should “be sensitive” to the needs of store workers during this time.
  • “On balance, it’s been a year we all want to forget,” Blank said.
  • That being said, the Home Depot cofounder said innovations like widespread outdoor dining and the prioritization of e-commerce may be “worth applying in the future.”
  • Visit Business Insider’s homepage for more stories.

The year 2020 has been a rough one for many retailers. Hampered by store closures and declining sales, plenty of companies have filed for bankruptcy during the coronavirus pandemic. Meanwhile, retail workers have struggled to balance jobs on the frontlines

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  • JPMorgan Chase CEO Jamie Dimon came somewhat close to running Home Depot in the late ’90s, according to the home-improvement retailer’s founder Arthur Blank.
  • Blank wrote in his book “Good Company” that Dimon was his “first choice” to replace him at the company’s helm. 
  • The Home Depot founder wrote that Dimon thoroughly “understood the values” of the company and seemed “intrigued” by the opportunity.
  • Ultimately, Dimon told Blank he felt he could not just “walk away” from the world of finance.
  • Visit Business Insider’s homepage for more stories.

In an alternate reality, Jamie Dimon would have traded his suits for a closet full of orange aprons in the late ’90s, bolting from the world of finance to become the CEO of Home Depot.

Home Depot cofounder Arthur Blank wrote in his new book, “Good Company,” about courting Dimon, now the CEO of JPMorgan Chase, during his search for a successor.

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Several big-box retailers were winners when it came to consumer spending during the pandemic as Target (TGT), Walmart (WMT), Lowe’s (LOW), and Home Depot (HD) all reported record sales for the quarter.

These retailers, unlike many others, kept their stores open during the coronavirus crisis as they were deemed essential businesses. Many retailers had to temporarily close their doors in March as they were labeled nonessential sellers during the pandemic as states across the country issued stay-at-home orders to prevent the spread of the virus.

Retailers like Target, which reported its second-quarter earnings on Wednesday, saw record sales with a comparable sales growth of 24.3%, compared to Q2 2019.  The company said the growth was the “strongest the company has ever reported.”

A big reporting also came in for Target’s digital comparable sales, which increased by 195% or 13.4 percentage points of the company’s comparable sales growth, also compared to

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Updated

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Stock futures rose on Tuesday, with the S&P 500 on the cusp of exceeding its previous record high set in February before the coronavirus hit.

Wall Street points to slightly higher open

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The S&P 500 closed Monday at 3,381.99, just a few points from its record close of 3386.15 set on Feb. 19 and 0.3% below its intraday record of 3393.52.

S&P 500 futures added 5.7 points, or 0.17%. Futures on the Dow Jones Industrial Average gained 0.2%. The move implied an opening gain of about 74 points. Nasdaq-100 futures added 0.3%.



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Here’s what traders were watching Tuesday:

  • Home Depot shares gained 2.9% in premarket trading after the company said sales last quarter jumped 23% as consumers stuck in their homes increased do-it-yourself projects. Earnings and sales exceeded Wall Street expectations.
  • Walmart shares rose in premarket trading before the company’s quarterly
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