What's in a name? When a news team scoops an "exclusive" interview, is it still exclusive if the only thing revealed is so obvious as to be common knowledge?
After conducting an "exclusive" interview with Home Depot (NYSE:HD) CEO Frank Blake today, The Associated Press quickly rushed out a report headlined "Home Depot CEO Says No Job Cuts Planned." Well, duh. As paraphrased by AP, Blake advised that HD's "focus on customer service means more employees, not fewer."
Having visited Home Depot several times over the past few years, I feel I know exactly how the kids on CBS's Kid Nation felt on first entering the ghost town of Bonanza City. Not an adult in sight. Well, maybe the odd customer or two, but just try tracking down an employee to help you find a replacement for your light fixture that just went kaput. If Home Depot wants to drive sales (and reverse the trend we saw last quarter, in which its sales declined, while those of archrival Lowe's (NYSE:LOW) inched higher), Blake needs to be doing things to increase sales, not alienate his customers further.
As an investor, I'm certainly reassured to hear that Home Depot won't be following Circuit City's (NYSE:CC) lead by firing what few experienced employees it has. To learn what Home Depot will be doing to improve business at Big Orange, check out what HD Senior VP for Supply Chain Mark Holifield was telling analysts back in July. It may not be "exclusive," but it's a whole lot more informative than what AP had to report.
