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Dec 18th, 2019

Home Depot

In 2008, our dispose-of sales unsound by 7. 8 percent, relapse congress sales down 8. 7 percent. Our adjusted rights per divide from abiding operations unsound 22 percent. In inferior intervals, these would be very trenchant conclusions. But 2008 was not an inferior year. Opposing the up-hill economic environment, we lived to reform our dispose-of profession, through endueing in our friends and our funds, reerection our accoutre obligation and graceful customer employment. We too made varyent strategic firmnesss to optimize our pre-eminent allocation, concentrating our trials on our heart profession.

In the earliest mercy, we barred 15 inferiorperforming funds and declining our pipeline of new funds by 50. In the third mercy, we renegotiated our peculiar imprint faith card unison, capping our absorb of peculiar imprint faith. In the filthyth mercy, we announced our firmness to debouchure EXPO and cognate professiones. These actions get construct the Posse robuster. On the financial behalf, we ended the year relapse a weighty disclosed emolument and $41 billion in possessions.

We engenderd specie from the profession of expressioninately $5.

5 billion, which recognized us to endue in the profession where indispensserviceable and attenuate our snucleus obligations opportunity celebrateing a wholesome dividend. On the operational behalf, we tooled an “Aprons on the Floor” commencement, which deployed aggravate $200 darling in annualized warys onto the vile of the funds for customer employment. Our customer employment schemees, as meted by our Voice of Customer surveys and other apparent rises, live to reform. We instituted our “New Inferior Price” campaign in the discard and feel been very fashionly relapse the customer rejoinder to this program.

More than constantly, our customers await immense compute and attentioning works in our funds, and we are committed to providing for these awaitations. We normal the roll-out of our augmentd accoutre obligation. At the end of January, we discloseded our fifth Quick Deployment Disposition (RDC), and RDCs now obey expressioninately 500 of our U. S. funds. Our view is to feel expressioninately 20 RDCs in locate by the end of 2010, serving all of our U. S. funds. We too rolled out new merchandising dupes sanctioning our merchants to reform guile and classify our works.

These dupes succored us incite reform register workivity and supposing reform tokendown govern, chiefly for our seasonal categories. On the intercollective aspect, our funds in Mexico lived their robust exploit, achievement the year relapse enfold digit assured congresss. We too took a main tlearn in transforming our deference technology contact course by converting our Canadian profession to a new exploit device guilening platform. The cessation of the profession get advantage from the lessons conversant from the Canadian trial.

None of these activities would be feasible relapseout ungathered friends. Our friends convey our employment culture to our customers constantlyy day. For 2008, we endd achievement sharing restrains in debauchery of $88 darling to our hourly friends. This is a Posse archives, and it is a rise of lordliness that we can take pains of friends in economically up-hill intervals enjoy these. Furthermore, friends inferior the official schemee get take exploit intrinsicized worth acceptions and our 401(k) matching program dregs sacred.

Taking pains of our friends is an innate deal-out of portico pains of our customers. We are awaiting another challenging year in 2009. Despite the profession, we are making the adjustments indispensserviceable to answer to the economic environment. We are painsfully governling our discretionary disburseing, adjacent constantlyy dollar of pre-eminent, and — most innately — intensifying our rendezvous on our customers. Our diplomacy is lowly and straightforward: We are furious encircling customer employment. We are — and must live to be — the reckon one warrant on works in the residence reformment substitute.

And we get incite divideholder revert through disciplined pre-eminent allocation. Above all, we are a computes-naturalized profession. The Residence Depot was founded in 1979 when the U. S. was in the intermediate of a recession. Our computes — portico pains of our customers and portico pains of our friends — address equal past potentialityfully in up-hill intervals. I anticipation as you disburse interval in our funds you get deference our abiding reformment. Francis S. Blake Chairman & Chief Ruler Official April 2, 2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549 FORM 10-K ? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2009 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission Refine Reckon 1-8207 THE HOME DEPOT, INC. (Exact Spectry of Registrant as Specified in its Charter) DELAWARE (State or other legalization of separation or form) 95-3261426 (I. R. S. Employer Identification No. ) 2455 PACES FERRY ROAD, N. W.

, ATLANTA, GEORGIA 30339 (Address of pre-eminent ruler dutys) (Zip Code) Registrant’s Telephone Number, Including Area Code: (770) 433-8211 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: TITLE OF NAME OF EACH EXCHANGE ON WHICH REGISTERED EACH CLASS Contemptible Stock, $0. 05 Par Compute Per Divide New York Accumulation Substitute SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None Indicate by restrain token if the Registrant is a polite-known enunciateed endr, as defined in Rule 405 of the Securities Act.

Yes ? No n Indicate by restrain token if the Registrant is not required to refine tidingss pursuant to Section 13 or Section 15(d) of the Act. Yes n No ? Indicate by restrain token whether the Registrant (1) has refined all tidingss required to be refined by Section 13 or 15(d) of the Securities Substitute Act of 1934 during the former 12 months (or for such shorter conclusion that the Registrant was required to refine such tidingss), and (2) has been topic to such filing requirements for the late 90 days. Yes ? No n

Indicate by restrain token if unveiling of offender refiners pursuant to Item 405 of Direct S-K is not contained herein, and get not be contained, to the best of Registrant’s knowledge, in explicit substitution or deference announcements incorporated by deference in Deal-out III of this Form 10-K or any amendment to this Form 10-K. n Indicate by restrain token whether the registrant is a great steadfast refiner, an steadfast refiner, a nonsteadfast refiner, or a diminutiveer tidingsing congressany. See the definitions of “great steadfast refiner,” “steadfast refiner” and “smaller tidingsing congressany” in Rule 12b-2 of the Substitute Act.

(Check one): Smaller tidingsing congressany n Great steadfast refiner ? Steadfast refiner n Non-steadfast refiner n (Do not restrain if a diminutiveer tidingsing congressany) Indicate by restrain token whether the Registrant is a shell congressany (as defined in Rule 12b-2 of the Substitute Act). Yes n No ? The substance substitute compute of the contemptible accumulation of the Registrant held by non-affiliates of the Registrant on August 3, 2008 was $39. 7 billion. The reckon of divides ungathered of the Registrant’s contemptible accumulation as of March 23, 2009 was 1,696,279,008 divides. DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s substitution announcement for the 2009 Annual Meeting of Shareholders are incorporated by deference in Deal-out III of this Form 10-K to the size feeling herein. THE HOME DEPOT, INC. FISCAL YEAR 2008 FORM 10-K TABLE OF CONTENTS PART I Item 1. Profession 1 Item 1A. Risk Factors 5 Item 1B. Unresolved Staff Comments 8 Item 2. Properties 8 Item 3. Legal Proceedings 10 Item 4. Submission of Matters to a Vote of Security Holders 11 Item 5. Substitute for Registrant’s Contemptible Equity, Cognate Stockholder Matters and Issuer Purchases of Equity Securities

12 Item 6. Separated Financial Data 14 Item 7. Management’s Discussion and Analysis of Financial Case and Results of Operations 15 Item 7A. Quantitative and Qualitative Disclosures Encircling Substitute Risk 24 Item 8. Financial Statements and Supplementary Data 25 Item 9. Changes in and Disagreements Relapse Accountants on Accounting and Financial Unveiling 50 Item 9A. Controls and Procedures 50 Item 9B. Other Deference 50 Item 10. Directors, Ruler Officers and Municipal Governance 51 Item 11. Ruler Damages 52 Item 12.

Security Ownership of Regular Beneficial Owners and Administration and Cognate Stockholder Matters 52 Item 13. Regular Relationships and Cognate Transactions, and Director Independence 52 Item 14. Pre-eminent Accounting Fees and Services 52 Exhibits, Financial Announcement Schedules 53 Signatures 57 PART II PART III PART IV Item 15. CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Regular announcements concerning our forthcoming exploit compose “forward-looking announcements” as defined in the Peculiar Securities Litigation Reform Act of 1995.

Forward-looking announcements may rehearse to, inamalgamate other things, the insist for our works and employments, net sales augmentation, congressarserviceable fund sales, collision of cannibalization, fund disclosedings and closures, nartrounce of the administration, nartrounce of the residential interpretation, housing and residence reformment substitutes, ware worth inflation and deflation, toolation of fund commencements, extension of reboarding guiles, net rights exploit, rights per divide, accumulation-naturalized congressensation worth, pre-eminent alsubsidence and expenditures, liquidity, the consequence of adopting regular recitaling standards, revert on endueed pre-eminent, administration of our purchasing or customer faith policies, the consequence of loads, the guilened recapitalization of the Company, timing of the congressletion of such recapitalization and the force to end snucleus securities on cases and at trounces pleasurserviceable to us. Forward-looking announcements are intrinsicized on runningly profiboard deference and our running assumptions, awaitations and schemeions encircling forthcoming equalts.

You are cautioned not to locate unfair reliance on our forward-looking announcements. Such announcements are not guarantees of forthcoming exploit and are topic to forthcoming equalts, risks and uncertainties — sundry of which are past our govern or are runningly hidden to us — as polite as hypothetically faulty assumptions that could inducement explicit conclusions to vary embodiedly from our awaitations and schemeions. Such risks and uncertainties embrace, but are not scant to, those feeling in Item 1A, “Risk Factors. ” Forward-looking announcements address simply as of the duration they are made, and we do not inferiortake to upduration such announcements other than as required by law.

You are advised, nevertheless, to critique any raise unveilings we construct on cognate topics in our conclusionic filings relapse the Securities and Substitute Commission (“SEC”). PART I Item 1. Business. Introduction The Residence Depot, Inc. is the cosmos-people’s greatst residence reformment dispose-ofer intrinsicized on Net Sales for the fiscal year ended February 1, 2009 (“fiscal 2008”). The Residence Depot funds retail a broad classifyment of erection embodieds, residence reformment and lawn and oasis works and afford a reckon of employments. The Residence Depot funds mediocre expressioninately 105,000 balance feet of enbarred interval, relapse expressioninately 24,000 attached balance feet of outbehalf oasis area.

As of the end of fiscal 2008, we had 2,233 The Residence Depot funds located throughout the United States including the Commonwealth of Puerto Rico and the territories of the U. S. Virgin Islands and Guam (“U. S. ”), Canada, China and Mexico. In personalization, at the end of fiscal 2008, the Posse operated 34 EXPO Design Disposition funds, two THD Design Disposition funds and five Yardbirds funds. On January 26, 2009, we announced the guilened bankruptcy of our EXPO, THD Design Disposition and Yardbirds funds as deal-out of our rendezvous on our heart profession. The Residence Depot, Inc. is a Delaware confirmation that was incorporated in 1978. Our Fund Subsistence Disposition (municipal duty) is located at 2455 Paces Ferry Road, N. W. , Atlanta, Georgia 30339. Our telephone reckon is (770) 433-8211. We celebtrounce an Internet website at www. residencedepot. com.

We construct profiboard on our website, clear of load, our Annual Reports to divideholders, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Running Reports on Form 8-K, Substitution Statements and Forms 3, 4 and 5 as before-long as reasonably usserviceable succeeding filing such documents relapse, or furnishing such documents to, the SEC. We embrace our website addresses throughout this filing simply as textual deferences. The deference contained on our websites is not incorporated by deference into this tidings. 1 Our Profession Disclosed Strategy. In fiscal 2008, opposing the abiding up-hill economic environment, we lived to rendezvous on our heart dispose-of profession, endueing in our friends and funds and graceful our customer employment.

We shifted our rendezvous from new balance footage augmentation to maximizing the workivity of our hearty fund vile. During the year, we tooled symbolical changes in our fund operations to construct them lowlyr, past compatible and past customer-focused. We shifted friend hours to be past customer facing and refocused our trials on subscription constantlyy day computes in the funds. Additionally, we made varyent strategic firmnesss which are intentional to optimize our pre-eminent allocation, congregate our trials on our heart profession and invent long-expression compute for our divideholders, including our firmness to expressioninate 15 funds, migtrounce expressioninately 50 funds from our new fund pipeline and debouchure our EXPO, THD Design Center, Yardbirds and HD Bath professiones. Customers.

The Residence Depot funds obey three momentous customer collocations: • Do-It-Yourself (“D-I-Y”) Customers: These customers are intrinsicly residence owners who acquisition works and congresslete their own schemes and installations. • Do-It-For-Me (“D-I-F-M”) Customers: These customers are intrinsicly residence owners who acquisition embodieds themselves and engage third deal-outies to congresslete the scheme or installation, or twain. We place for the installation of a multiplicity of The Residence Depot works through fitted dogged narrowors. • Functional Customers: These customers are dischargeal remodelers, public narrowors, repairmen, diminutive profession owners and substitutesmen.

In sundry funds, we propose a multiplicity of programs to these customers, including volunteer and get-call employments, abandoned staff, catholic good-natureds excerptions and remote faith programs, all of which we consider acception sales to these customers. Products. A intrinsic Residence Depot fund accumulations expressioninately 30,000 to 40,000 works during the year, including twain common mark spectry and proprietary items. The forthcoming board shows the percentage of Net Sales of each main work colsubsidence (and cognate employments) for each of the latest three fiscal years: Percentage of Net Sales for Fiscal Year Ended February 1, February 3, January 28, 2009 2008 2007 Work Colsubsidence 30. 6% 28. 7 22. 1 18. 6 Sum 31. 0% 28. 0 22. 3 18. 7 30. 8% 27. 0 23. 6 18. 6 100. 0% Plumbing, electrical and kitchen Hardware and seasonal

Building embodieds, obstruct and millwork Color and vileing 100. 0% 100. 0% In fiscal 2008, we declining our register opportunity celebrateing a fond in-accumulation trounce. We too declining a reckon of oneinterval remittance promotions and refocused our trials on subscription constantlyy day computes. We lived to mould-known innovative and innate works to our customers, including Thomasville» subterranean seating patio movables, Charbroil» infrared grills, RIDGID» urgency washers and Homelite» trimmers. To congresslement and augment our work excerption, we feel formed strategic alliances and detested kindredhips relapse separated suppliers to substitute works inferior a multiplicity of polite-recognized mark spectrys.

During fiscal 2008, we proposeed a reckon of proprietary and detested marks despite a broad place of departments including, but not scant to, Behr Premium Plus» color, Hampton Bay» unthoughtfuling, Vigoro» lawn pains works, Husky» agency dupes, RIDGID» and Ryobi» potentiality dupes, Pegasus» faucets, and Glacier Bay» bath fixtures. We may revolve attached strategic alliances and kindredhips relapse other suppliers and get live to assess opportunities to diffuse the place of works profiboard inferior mark spectrys that are detested to The Residence Depot. From our Fund Subsistence Disposition we celebtrounce a global sourcing good-natureds program to rise lofty-virtue works undeviatingly from manufacturers encircling the cosmos-people. Our Work Development Merchants warrant and acquisition substitute innate innovative works undeviatingly for our funds.

Additionally, we feel three sourcing dutys located in the Chinese cities of Shanghai, Shenzhen and Dalian, and dutys in Gurgaon, India; Milan, Italy; Monterrey, Mexico and Toronto, Canada. 2 Services. Our funds propose a multiplicity of installation employments. These employments target D-I-F-M customers who excellent and acquisition works and installation of those works from us. These installation programs embrace works such as carpeting, vileing, cabinets, countertops and water heaters. In personalization, we afford dischargeal installation of a reckon of works sold through our in-residence sales programs, such as generators and furnace and mediate air schemes. Fund Augmentation United States.

At the end of fiscal 2008, we were disclosed 1,971 The Residence Depot funds in the U. S. , including the Commonwealth of Puerto Rico and the territories of the U. S. Virgin Islands and Guam. During fiscal 2008, we discloseded 41 new The Residence Depot funds, including five relocations, in the U. S. Canada. At the end of fiscal 2008, we were disclosed 176 The Residence Depot funds in ten Canadian provinces. Of these funds, 12 were discloseded during fiscal 2008, including one relocation. Mexico. At the end of fiscal 2008, we were disclosed 74 The Residence Depot funds in Mexico. Of these funds, nine were discloseded during fiscal 2008. China. At the end of fiscal 2008, we were disclosed 12 The Residence Depot funds in six Chinese cities.

Certain financial deference encircling our operations outbehalf of the U. S. is tidingsed in Note 1 to the Consolidated Financial Statements. Fund Subsistence Services Deference Technologies. During fiscal 2008, we lived to construct deference technology enduements to reform subsistence our customers and afford an reformd aggravateall shopping environment and proof. We endueed in our accoutre obligation and merchandising dupes to reform register administration capabilities and streamline our operations. We congressleted the deployment of a new exploit device guilening (“ERP”) scheme to our Canadian removal, which embraces all funds and classification dispositions.

We get assess the revert on enduement and exploit of the scheme in the fiscal year ended January 31, 2010 (“fiscal 2009”) as we evaluate choices for our U. S. contact course. Relapse deference to our accoutre obligation, we tooled a new treasury administration scheme to subsistence the U. S. and Canadian funds, lived toolation of a new vehicle administration scheme, congressleted a technology recreate at our classification dispositions, and tooled reformments to our Mediate Automated Aliment scheme. We made reformments to the dupes utilized in merchandising schemes in the areas of classifyment administration, speculation, and aliment.

With our lived rendezvous on the funds, we supposing technology reformments adapted to succor fund friends achieve their tasks and reform customer employment. We equipped 1,100 funds relapse new congressuters, history and printers, and 920 funds taked new color dispensers. Faith Services. We propose six faith programs through third-verge faith affordrs to dischargeal, D-I-Y and D-I-F-M customers. In fiscal 2008, expressioninately 3. 2 darling new The Residence Depot faith recitals were discloseded, and the sum reckon of The Residence Depot erratic recital holders was expressioninately 12. 5 darling. Proprietary faith card sales recitaled for expressioninately 28% of fund sales in fiscal 2008.

In fiscal 2008, Residence Depot re-negotiated and bland the expression of the momentous narrows contriveling the programs. The new narrow relapse Citibank normal a ceiling for the absorb of faith for the program opportunity cherishing the force for portfolio exploit reformments to inferior the absorb of faith. Logistics. Our logistics programs are adapted to secure work availforce for customers, consequenceive use of our enduement in register and low sum accoutre obligation absorbs. At the end of fiscal 2008, we operated 30 obstruct classification dispositions, 45 stipulated classification dispositions and five transit facilities, all located in the U. S. , Canada and Mexico. Additionally in 2008, we discloseded filthy new Quick Deployment Centers (“RDC”) in the U. S.

, bringing our sum reckon of RDCs to five. We now obey expressioninately 25% of our U. S. funds from RDCs. RDCs sanction for totality of fund work deficiencys to a sole acquisition enjoin, and then quick alsubsidence and deployment of register to personal funds upon 3 look at the disposition. This rule sanctions reformd vehicle, simplified enjoin ruleing at suppliers and declining bring interval from the interval that work deficiencys at funds are secure to explicit aliment. We guile to disclosed attached RDCs during fiscal 2009 and 2010 and thus-far obey all of our U. S. funds from RDCs. In fiscal 2008, expressioninately 35% of the good-natureds shipped to our U. S.

stores courseed through our classification facilities. The keeping good-natureds was shipped undeviatingly from suppliers to our funds. The dilution of the RDC network is awaited to acception our classification utilization. In personalization to replenishing good-natureds at our funds, we too afford volunteer of in-accumulation and proper enjoin work undeviatingly to our customers. Associates. At the end of fiscal 2008, we assiduous expressioninately 322,000 friends, of whom expressioninately 22,500 were salaried, relapse the balance congressensated on an hourly or divorceial account. Closely 65% of our friends are assiduous on a full-interval account. We consider that our employee kindred are very good-natured.

To influence and keep fitted personnel, we inquire to celebtrounce congressetitive hire and wage schemees in each substitute we obey. Psychological Property. Through our wholly-owned assistant, Homer TLC, Inc. , we feel registered or applied for registration, in a reckon of countries, for a multiplicity of internet erecite spectrys, employment tokens and substitutemarks for use in our professiones, including The Residence Depot»; Hampton Bay» fans, unthoughtfuling and pathories; Glacier Bay» toilets, sinks and faucets; Pegasus» faucets and bath pathories; and Workforce» dupes, dupe boxes and shelving. We feel too procureed and now celebtrounce plain portfolios touching to regular works and employments supposing by The Residence Depot, and perpetually inquire to plain or inadequately vindicate separated innovations we

inmunicipal into our works and profession operations. We deference our psychological nature as having symbolical compute to our profession and as substance an innate rudiment in the substituteing of our mark, e-commerce, funds and new areas of our profession. Virtue Presumption Program. We feel twain virtue presumption and engineering devices who aggravatesee the virtue of our undeviatingly accidental, globally-sourced and proprietary works. Through these programs, we feel normal criteria for supplier and work exploit that are adapted to secure our works congressly relapse federal, nartrounce and persomal virtue and exploit standards. These programs too sanction us to mete and footprint intervalliness of shipments.

These exploit archivess are made profiboard to the rudimenties to sanction them to struggle for reformment. The program addresses virtue presumption at the rudimenty, work and packaging schemees. Environmental, Health & Safety (“EH&S”). We are committed to celebrateing a trustworthy environment for our customers and friends and vindicateing the environment of the communities in which we do profession. Our EH&S discharge in the province is directed by skilled friends rendezvoused largely on the deed of the EH&S programs. Additionally, we feel a Fund Subsistence Center-naturalized team of abandoned EH&S dischargeals who evaluate, enunciate, tool and strain policies, rulees and programs on a Company-broad account. Environmental.

The Residence Depot is committed to conducting profession in an environmentally binding fashion and this commitment collisions all areas of our profession, including fund interpretation and subsistence, intelligence test, work excerption and customer advice. In fiscal 2008, we late expressioninately $27. 5 darling for intelligence aptitude cognate schemes. By replacing HVAC individuals in expressioninately 200 hearty funds and switching to the use of T-5 unthoughtfuling in expressioninately 700 hearty funds, we consider cumulative warys to be expressioninately $28 darling since fiscal 2006. In personalization, we feel tooled stringent operational standards that organize intelligence fruitful practices in all of our facilities. These embrace HVAC individual region direct and concurnce

to stringent unthoughtfuling schedules, which are the greatst rises of intelligence discard in our funds, as polite as utilizing the Novar Intelligence Administration and Alarm Scheme in each fund to adviser intelligence aptitude. We consider that by tooling and utilizing these intelligence wary programs we feel avoided 1. 6 billion pounds of chillhouse gas emissions since fiscal 2006. We consider this is equipollent to removing expressioninately 132,000 cars from the path. In June 2008, we instituted a nation-broad in-fund congressact fluorescent unthoughtful bulb recycling program. This employment is proposeed to all customers clear-of-load and is profiboard in all U. S. funds, including Alaska and Hawaii. We feel too enslaved attached metes to raise our sustainforce trials.

We deal-outnered relapse the U. S. Chill Erection Council and feel built sequal Leadership in Intelligence and Environmental Design (“LEED”) chill certified and equipollent funds. We offset the carbon emissions inventd by our facilities and a fraction of those emissions inventd by professioncognate wandering through an unison relapse The Conservation Fund that conclusioned in the guileting of thousands of trees that get succor attenuate the heat-island consequence in fashionserviceable areas, attenuate erosion and succor pure the air. Through our Eco OptionsSM 4 Program, we feel inventd work categories that sanction consumers to easily warrant environmentally preferred work excerptions in our funds.

We tooled a Supplier Collective and Environmental Obligation Program to secure that our suppliers concur to the foremost standards of collective and environmental obligation. Seasonality. Our profession is seasonal to a regular size. Generally, our foremost work of sales occurs in our avoid fiscal mercy, and the lowest work occurs during our filthyth fiscal mercy. Competition. Our profession is greatly congressetitive, intrinsicized in deal-out on worth, fund subsidence, customer employment and classifyment of good-natureds. In each of the substitutes we obey, there are a reckon of other residence reformment funds, electrical, plumbing and erection embodieds accoutre houses and obstruct yards.

With deference to some works, we too congressete relapse remittance funds, persomal, regional and common hardware funds, mail enjoin firms, treasury clubs, dogged erection accoutre funds and, to a lesser size, other dispose-ofers. Due to the multiplicity of congressetition we aspect, we are infitted to precisely mete the collision on our sales by our congressetitors. Item 1A. Risk Factors. The risks and uncertainties feeling lower could embodiedly and inappropriately assume our profession, financial case and conclusions of operations and could inducement explicit conclusions to vary embodiedly from our awaitations and schemeions. The Risk Factors feeling lower embrace the revolveserviceable risks friendd relapse the running economic environment and the feasible inappropriate consequences on our financial case and conclusions of operations.

You should learn these Risk Factors in specification relapse “Management’s Discussion and Analysis of Financial Case and Results of Operations” in Item 7 and our Consolidated Financial Statements and cognate notes in Item 8. There too may be other rudiments that we cannot apprehend or that are not feeling in this tidings, publicly beinducement we do not discern them to be embodied. Such rudiments could inducement conclusions to vary embodiedly from our awaitations. The nartrounce of the housing, interpretation and residence reformment substitutes, preferment absorbs, a diminution in the availforce of financing, atmosphere and other cases in North America could raise inappropriately assume our absorbs of doing profession, insist for our works and employments and our financial exploit.

In 2008, the housing, residential interpretation and residence reformment substitutes feel deteriorated dramatically and past sevehope than was previously apprehendd. We await the retrogradation to live through 2009 and our fiscal 2009 Net Sales and Diluted Rights per Divide from Abiding Operations to discard from fiscal 2008. Other rudiments — including increasing unemployment and foreclosures, intecessation trounce fluctuations, fuel and other intelligence absorbs, drudge and healthpains absorbs, the availforce of financing, the nartrounce of the faith substitutes, including mortgages, residence equity loans and consumer faith, consumer reliance, atmosphere, intrinsic disasters and other rudiments past our govern — could raise inappropriately assume insist for our works and employments and our financial exploit.

These and other resembling rudiments could acception our absorbs and inducement our customers to relapse purchasing or determine not to acquisition residence reformment works and employments. We hope on third deal-outy suppliers. If we fall to warrant and enunciate kindredhips relapse a fitted reckon of fitted suppliers, or if our running suppliers proof financial up-hillies, our force to intervally and fruitfully path works that unite our lofty standards for virtue could be inappropriately assumeed. We buy our works from suppliers located throughout the cosmos-people. Our force to live to warrant and enunciate kindredhips relapse fitted suppliers who can remunerate our lofty standards for virtue and our deficiency to path works in a intervally and fruitful fashion is a symbolical defy.

Our force to path works too can be inappropriately assumeed by collective inconstancy, the financial instforce of suppliers, suppliers’ noncompliance relapse conducive laws, substitute cessationrictions, tariffs, vogue substitute trounces, ecstasy accommodation and absorb and other rudiments past our govern. If we are infitted to consequenceively contrive and diffuse our alliances and kindredhips relapse separated suppliers of mark spectry works, we may be infitted to consequenceively consummate our diplomacy to varyentiate ourselves from our congressetitors. As deal-out of our rendezvous on work varyentiation, we feel formed strategic alliances and detested kindredhips relapse separated suppliers to substitute works inferior a multiplicity of polite-recognized mark spectrys. If we are infitted to contrive and diffuse these alliances and kindredhips or warrant choice rises for congressarserviceable works, we may not be serviceserviceable to consequenceively consummate work varyentiation. 5

Our force to procure attached financing on fond cases, if deficiencyed, could be inappropriately assumeed by the tenuity in the pre-eminent substitutes. We procure and contrive liquidity from the assured specie course we genetrounce from our disclosed activities and our path to pre-eminent substitutes, including our interchangeable monograph programs subsistenceed by a long-expression bank line-of-faith commitment. Although we runningly celebtrounce a robust enduement track rating and had no ungathered interchangeable monograph obligations as of the end of fiscal 2008, there is no presumption that our force to procure attached financing through the pre-eminent substitutes, if deficiencyed, get not be inappropriately collisioned if

the running recessionary trends stick or worsen. Continued tenuity in the pre-eminent substitutes could conclusion in mixed availforce of faith, loftyer absorb of borrowing and withdrawal of reliance in the equity substitute, making it past up-hill to procure attached financing on cases that are fond to us. The toolation of our accoutre obligation and technology commencements could demolish our operations in the adjacent expression, and these commencements force not afford the apprehendd advantages or force fall. We feel made, and we guile to live to construct, symbolical enduements in our accoutre obligation and technology. These commencements are adapted to streamline our operations to all

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