"Despite the tough economic environment, we were able to make solid progress against our key initiatives in 2009," Frank Blake, Home Depot chairman and CEO, stated in a release early Tuesday morning. He added that the chain continued to restructure its distribution network last year, with its "rapid deployment centers" now serving more than 65% of its US store base.

For the coming year, Home Depot anticipates sales growth of 2.5% with a net new opening of six stores. The world's biggest home improvement retailer has 2,244 locations, mainly in the US with others in Canada, Mexico and China.

Blake also noted that Home Depot gained a full percentage point market share from its nearest rival, Mooresville, NC-based Lowe's Cos. Lowe's reported a 19% decline in profit for the year to $1.8 billion, while sales were down 2% to $47.2 billion.