Home Depot's new CEO, Bob Nardelli had expressed his intention to focus on enhancing store efficiency and inventory turnover through ongoing system investments. He expected to generate margin improvement through cost declines from product reviews, purchasing improvement, and an increase in the number of tool rental centers, Recently, operating costs had increased owing to higher occupancy costs for its declining customer service. Nardelli hoped to counter this trend with an initiative to help employees focus on customers during store hours and restocking shelves only after hours. Home Depot management expected revenue growth to be 15% to 18% through 2004. Some of the growth would be by acquisition, which necessitated the company's maintaining higher cash levels. Home Depot stock was trading at around $25 a share, implying a total equity capitalization of $59 billion.