PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

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.

Elcometer, Inc.
New Elcometer 456 Coating Thickness Gauge

Best In Class Just Got Better. Technologically Intelligent And Robust. Marvelous Design And Durability. An Earth-Shattering Revolution In Coating Inspection.


Trelawny Surface Preparation Technology
Surface Preparation Equipment

Manufacturer of needle scalers, grinders, scarifiers and scabblers. Pneumatic tools for Marine and Construction. US distributor CS Unitec: 800-700-5919


Dampney Co., Inc.
High Temperature
Stove Paint

• Multiple Colors.
• Prevents rust and corrosion.
• Wood Burning stoves,
fire pits, smokers.
• Aerosol, Quarts,
Gallons, 5 Gallons.


Armakleen Company, The
ARMEX when nondestructive cleaning is critical

Use ARMEX to clean, remove paint and degrease a wide variety of substrates including metals, plastics, composites and masonry materials like brick, concrete and natural stone.


WINOA Group
Steel Abrasives :Think Premium

The Premium series is the perfect mix of high-quality products and related technical services provided by skilled experts. Visit us during the GIFA (Hall15 - D14).


KTA-Tator, Inc. - Corporate Office
KTA-Tator EH&S Services

• Ambient & Worker Exposure Air Monitoring
• Safety & Health Program Development
• Lead Paint Assessments
& Specifications
• Health Hazard & Jobsite Safety Assessments
Call 1-800-245-6379


SSPC: The Society for Protective Coatings
http://www.sspc.org/

Join SSPC and Enhance
Your Career !


Advanced Recycling Systems
ADVANCED RECYCLING SYSTEMS (ARS)

Recycling Machines, Dust Collectors, Rapid Deployment units are time-tested and approved for the rugged industrial environment. Contact ARS today!
(330)536-8210

 
 
 
Technology Publishing

The Technology Publishing Network

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

 
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 2000-2015, 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