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Home Depot Article
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Home Depot's Third Quarter Results Decline
The Home Depot reported 2008 third quarter consolidated net earnings of $756 million, compared with $1.1 billion in the same period in fiscal 2007. Sales for the third quarter totaled $17.8 billion, a 6.2% decrease from the third quarter of 2007, reflecting negative comparable store sales of 8.3%, offset in part by sales from new stores. The company had 53 weeks in fiscal 2007, which shifted the 2008 fiscal calendar. Because of this shift and given the seasonal nature of its business, third quarter sales, on a like for like calendar basis, were negatively impacted by approximately $225 million. Excluding the calendar shift, the Company's like for like comp for the quarter was negative 7.1%. "The housing and home improvement markets remain challenging. Across our entire business, we are making the adjustments necessary to respond to a tough market environment," said Frank Blake, chairman & CEO. "We are focused on the things we can control with a commitment to provide value and service to our customers," said Blake. "I am proud of what our associates have accomplished in a very difficult sales environment." Given the continued softness in the housing and home improvement markets as well as negative macro economic conditions, Home Depot now believes that fiscal 2008 sales could be down as much as 8% for the year. It expects that earnings per share from continuing operations will decline by approximately 24%, consistent with previous guidance. The company's 2008 earnings per share does not include its store rationalization charge from the closing of 15 stores and removal of 50 stores from its future growth pipeline. http://www.centremagazine.com/issues/ISArticle.asp?id=92392&issue =11182008 |
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