PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Paint and Coatings Industry News

Main News Page


Home Depot Earnings Slide

Wednesday, November 26, 2008

Comment | More

Third-quarter earnings at The Home Depot, the world’s largest home-improvement store, plummeted by nearly 30 percent, but the Atlanta-based retailer still squeezed out a profit.

 

On Tuesday (Nov. 18, 2008), the companyreported fiscal 2008 third-quarter consolidated net earnings of $756 million ($0.45 per diluted share), compared with $1.1 billion ($0.60 per diluted share) in the same period in fiscal 2007. The performance, though dismal, beat analyst expectations by 7 cents a share.

 

Sales for the third quarter totaled $17.8 billion, a 6.2 percent decrease from the same period the year before. Those figures are based on a 53-week fiscal year in 2007, which shifted the 2008 fiscal calendar.

Excluding the calendar shift, the company's “like for like comp” for the third quarter was actually down 7.1 percent, according to a company statement.

 

"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, the company’s chairman & CEO.

 

Home Depot now projects that fiscal 2008 sales could be down as much as 8 percent for the year and earnings per share down by about 24 percent.

 

The company has slashed prices on more than 1,000 items in its 2,268 retail stores. Wayne Hood, an analyst for BMO Capital Markets in Atlanta, said he’d like to see prices cut even deeper to spur sales volume.

 

“You could argue that you could continue to drive those margins and offer consumers even lower prices to try to stimulate greater volume,” Hood told The Atlanta Journal-Constitution.

 

Hood added:  “For Home Depot and Lowe’s to do well, it’s not enough to have small repair projects. It has to be driven by big-ticket projects. That’s where the real leverage is.”

   

Tagged categories: Residential

Comment Join the Conversation:

Sign in to our community to add your comments.

Atlantic Design, Inc.
OUR QUALITY & YOUR TIME.

Many service issues can be easily solved over the phone. When you do need parts, ADI has most in stock for all your blasting needs. 866.Call.ADI


DRYCO
Climate Control...delivered.

Temporary climate control equipment. Dehumidifiers,
Heaters, A/C, Power, More…
Toll Free: 866-379-2600


Carboline Company
Hyrdrocarbon Fire & Jet Fire Protection

Pyroclad X1 is the latest breakthrough in epoxy based intumescent fireproofing technology


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Corrosion Probe, Inc.
    From Detection to Correction

    Corrosion Probe, Inc. has the Most Concrete Coatings Experience and Expertise. Contact us today at
    860-767-4402, www.cpiengineering.com


    SAFE Systems, Inc.
    Enduroguard -
    The Tough Cable
    for a Tough Industry.

    Reduce maintenance costs and down time, increase job site safety with Enduroguard Cable. Available exclusively from SAFE Systems. UL listed, flexible, abrasion resistant and cut resistant.


    CHLOR*RID International Inc.
    Free Webinar

    Learn about soluble salts, along with a discussion on allowable levels.
    More information at
    www.chlor-rid.com,

    800-422-3217

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com