<p>Home Depot chief executive Bob Nardelli admits the company's image has had its highs and lows, and, this might be a jolt, he says both are probably unjustified.</p><p>"The company probably was never as good as was perceived and it sure in the hell is not as bad as it is perceived today," Nardelli told The Associated Press in an exclusive interview Wednesday.</p><p>But Nardelli said his strategy is working and he's not about to change course.</p><p>"Look at the data," Nardelli said. "We are gaining share. Our earnings were two times our nearest competitor in the first quarter. ...Just go down the list, and you'll say, 'Gee, I think they're doing pretty good.'"</p><p>Is the Atlanta-based company beating rival Lowe's?</p><p>"You draw that opinion," Nardelli responded.</p><p>In the numbers game, the nation's largest home improvement store chain is winning. It reported a 21 percent jump in profit to $1.1 billion in the period ending May 2, compared to an 8 percent increase to $455 million for North-Carolina-based Lowe's Companies Inc.</p><p>But in the image game, Home Depot has been lagging. Since Nardelli joined the company as chairman and CEO in 2000, Home Depot's stock price has fallen more than 12 percent. Lowe's stock price has risen more than 33 percent during the same period.</p><p>On Wednesday, Banc of America Securities' Aram Rubinson lowered his rating for Home Depot from buy to neutral, citing the effect a slowdown in sales in the housing market could have on the company's revenue.</p><p>Nardelli said he is unfazed.</p><p>"Look, the dot-com companies had a lot of image. They had a lot of 'p' and no 'e,'" he said, referring to stock price and earnings. "And I would have thought that Wall Street would have learned from being burned with that. So, what I'm looking for is bricks and clicks."</p><p>Nardelli said the 1,740-store chain's program to make its stores cleaner and brighter and increase the number of its locations will continue. Acknowledging persistent concerns about customer service, he said Home Depot has work to do in that area but he believes it is improving.</p><p>"I'm not going to come off strategy to try and influence a quarterly stock price," Nardelli said. "I believe we're going to stay the course and over time the market is going to recognize that."</p><p>He added, "At some point, I think there is going to be that awakening."</p><p>During the interview, Nardelli also was asked about his successes, challenges, politics and his future.</p><p>He said he is proud of the financial success of the company and its effort to modernize its stores. He said his greatest challenge is being able to convey that to the public in a way that it gets more reception.</p><p>"I'm not looking for a pat on the back," Nardelli said. "Quite honestly, I'm looking for fair evaluation of this company."</p><p>Nardelli's business might has helped him in the political world.</p><p>Last month, he hosted a Republican fund-raiser at his Atlanta mansion attended by President Bush that brought in an estimated $3.2 million. In 2003, Nardelli donated $25,000 to the Republican National Committee and $2,000 to the Bush re-election campaign, records show.</p><p>He also has donated money to a Home Depot political action committee that has in turn donated thousands of dollars from employees to various political causes and candidates from both major parties.</p><p>Nardelli said Home Depot opened a lobbying office in Washington during his tenure.</p><p>"I think quite honestly we should have a presence," Nardelli said. "We should be able to express our opinions on regulations, things that will affect us as a company."</p><p>He added, "We are certainly encouraging our associates to get involved in the political process. It's what made this country great."</p><p>Nardelli declined to discuss his personal political contributions.</p><p>Speaking about the fund-raiser, Nardelli said, "That was 100 percent personal and not $1, no funding, was from The Home Depot."</p><p>As for his future, Nardelli, who took over Home Depot after not getting the top job at General Electric, said that, like his strategy, he is staying the course.</p><p>"This is what you train for and to have this laboratory, if you will, and this company, where else would you go?" Nardelli said. "We own orange. We own home improvement."</p><p>Asked whether he has had thoughts of leaving the company, Nardelli insisted he has not.</p><p>"I've got no plans to go anywhere," he said. "Period. Period. Full-stop."</p><p>___</p><p>On the Net:</p><p>HASH(0x2864390)</p>

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