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Two excellent examples are home improvement juggernaut The Home Depot (NYSE: HD) and resale goods franchisor Winmark (NASDAQ: WINA). With annualized total returns of 22% and 25%, respectively, over the last 15 years, these two compounders have stock charts that border on art. First, 53% of homes in the U.S. Image source: Getty Images.
Finally, Q2 industrial resale of $234 million declined 10% year on year. And for fiscal '24, we now expect industrial resale to be down double-digit percentage year on year, compared to our prior guidance for high single-digit decline. We spent 132 million on capital expenditures. Turning to capital allocation.
So, let me go ahead and begin by saying that we are quite pleased to report that the Lennar team has remained focused on production and pace, cash flow, inventory turns, and return on capital, and we have again produced strong and consistent results for the quarter. debt to total capitalcapitalization ratio, down from 14.2
If you think about it from a capital allocation standpoint, the feel good of being locally invested, being named on television every time the home team plays that is well worth $2 million a year. I think it's the best returning stock over the past like 30 years or something. They spent $2 billion a year in advertising.
And we believe we'll keep growing going forward as we enhance the return on investment to advertisers and therefore, enhance what advertisers are willing to spend with us. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thank you, Martin and James.
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