News Postings

Home Depot Tallies $43 Million in Unused Cards

6/22/2005

The Home Depot earlier this month claimed $43 million in revenues from unused gift cards that it sold from 1998 to 2001.

"We have never reported breakage before, so this was just catching up. The amount sounds large, but it covers a four-year period," said Home Depot spokesperson Paula Smith.

Home Depot calculated the $43 million in "breakage"óunredeemed value of cards soldóby analyzing historical redemption patterns and tallying the remaining balance of outstanding gift cards that are unlikely to be redeemed. But the cards have no expiration date or service fees, and cardholders can redeem their gift cards at any time.

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