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Dour Housing Market Slams Home Depot Q4 Results  

Posted Feb 26, 08 8:23 AM CST in Business    Editor's Choice

(newser) – Continuing US housing market woes, showing no signs of letting up, helped drag Home Depot’s fourth quarter profits down 27% over the same quarter last year, to $671 million from $925 million. The world’s largest home-improvement retailer also predicted fiscal-year earnings will drop 19% to 24%, more than twice the decline analysts had expected, the Wall Street Journal reports.

Revenue inched 1.5% higher, aided by an extra week of sales, to $17.66 billion. Without the extra week, sales actually declined nearly 5% in the fourth quarter. Analysts expected revenue to hit $18.02 billion. Full-year sales dropped to $77.35 billion from $79.02 billion in 2006. The company said it will open 55 stores in 2008, about half its norm.

Sources Wall Street Journal, Associated Press

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Dour Housing Market Slams Home Depot Q4 Results
A customer leaves the Home Depot design center store in Charlotte, N.C., Tuesday, Nov. 13, 2007. The Home Depot Inc. reported a 26.8 percent drop in third-quarter profits Tuesday, Nov. 13, 2007 as the...   (Associated Press)
Dour Housing Market Slams Home Depot Q4 Results
The Home Depot store is shown in this Aug. 13, 2007 file photo in North Miami, Fla. The Home Depot Inc. has tentatively agreed to sell its wholesale distribution business to a group of private equity...   (Associated Press)
Dour Housing Market Slams Home Depot Q4 Results
Clouds rise over the Home Depot store in Williston, Vt., Monday, Aug. 13, 2007. The Home Depot Inc., the world's largest home improvement store chain, reported a 27% drop in fourth-quarter revenue.   (Associated Press)
Dour Housing Market Slams Home Depot Q4 Results
Shopping carts are shown at the Home Depot store, Monday, Aug. 13, 2007 in North Miami, Fla. The Home Depot Inc., the world's largest home improvement store chain, reported Tuesday, Aug. 14, 2007 a 14.8...   (Associated Press)
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housing market  • housing crisis  • retail sales  • corporate earnings  • construction  • Home Depot  • Robert Nardelli  • home improvement  • Lowe's


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