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Dreary Housing Market Nails Home Depot

Posted Nov 13, 07 7:31 AM CST in Business 

(Newser) – A weak housing market hammered Home Depot’s third quarter, sending revenues down 4% and cutting net income 27%, reports the Wall Street Journal. The Atlanta-based retailer today said net income fell to $1.09 billion compared to $1.49 billion a year ago. “We are facing a tough environment as housing indicators continue to deteriorate,” said CEO Frank Black.

The home-improvement retailer, plagued by poor sales and tough competition, projected an 11% decline in its fiscal-year earnings, worse than the 7-9% decline it originally estimated. It also said it would reconsider completing a stock buy-back plan until conditions improved. Home Depot shares traded at $28.46 Monday and fell to $27.59 in pre-market trading this morning.

Source Wall Street Journal

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The Home Depot store is shown Monday, Aug. 13, 2007 in North Miami, Fla.   (Associated Press)
Home Depot Inc. CEO Frank Blake speaks during an interview with The Associated Press, Friday, Sept. 21, 2007 in Atlanta. (AP Photo/John Bazemore)   (Associated Press)
A colorful display of 3M Painter's tape lines the shelves of a Home Depot store Wednesday, April 25, 2007.   (Associated Press)
Customers shop at a Home Depot, Monday, Aug. 13, 2007 in Chicago, Ill.   (Associated Press)
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housing market  • corporate earnings  • Home Depot  • third quarter earnings


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