The Home Depot, Atlanta, GA, reported first-quarter profit of $1 billion, compared with $1.5 billion in the same period in fiscal 2006.
Sales for the first quarter totaled $21.6 billion, a 0.6% increase from the first quarter of fiscal 2006. Total sales in the retail segment declined 4.3% to $18.5 billion, and comparable store sales declined 7.6%.
Total sales in the HD Supply segment grew by 46% to $3.1 billion, reflecting sales from acquired businesses. Organic sales were down 6.5%.
The housing market continues to be a challenge, and erratic weather conditions across the United States negatively affected our spring selling season," said Frank Blake, chairman & CEO.
Earlier this year Home Depot announced that it was conducting ...