Home Depot’s 2Q sales slump 5 percent

Industrial Distribution staff -- Industrial Distribution, 8/19/2008 6:24:00 AM

Second-quarter sales for the Home Depot slid 5.4 percent to $21 billion, compared with $22.18 billion during the same period last year.

Net earnings for the Atlanta-based home improvement retailer plummeted 24.3 percent to $1.2 billion, compared with $1.59 billion during the second quarter of 2007.

Home Depot attributed the results to “negative comparable store sales of 7.9 percent, offset in part by sales from new stores.”

“We continue to see pressure on our market and the consumer, generally,” chairman and CEO Frank Blake said. “Despite the macroeconomic conditions, we saw improved execution in our merchandising and operations initiatives during the past quarter. “

The company said it expects sales to drop 5 percent for the full fiscal year, “Given the continued softness in the housing and home improvement markets as well as the commitment to invest in its key retail priorities,” it said in a statement.

Talkback

We would love your feedback!

Post a comment

» VIEW ALL TALKBACK THREADS

Related Content

• Topics
• Author

Related Content

 

By This Author

• Reports predict slow going worldwide for 2009
• Canada's power transmission distribution sales slump sharply in August
• Platinum Equity to buy SCM Metal Products
• Construction distributor 84 Lumber opens new South Carolina location, pitches in on Hurricane Ike recovery
• Construction distributors change hands: ProBuild Holdings buys CTX Builders Supply
• » MORE

Sponsored Links