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In The News:

The Home Depot 2Q Sales Fall 9.1%

August 17, 2009

 

Home improvement retailer The Home Depot, Atlanta, GA, reported sales for the second quarter ended August 3, 2009, were $19.1 billion, down 9.1% from the prior year period. Profit declined 7% to $1.12 billion.
 
Comparable store sales for the second quarter were negative 8.5% overall and down 6.9% for U.S. stores. Second quarter of 2009 results reflect a net impact to operating profit of $20 million related to the closing of the Company's EXPO businesses, previously announced on January 26, 2009.
 
"Concerns about the housing market, rising unemployment and softness in the overall economy continue to pressure consumers," CEO Frank Blake said. "Our business performed well in a down market, we captured market share and drove operating productivity. The combination made for a solid quarter relative to our plan.”  

Fiscal year-to-date, sales were $35.2 billion, down 9.4% from the first half of fiscal year 2008. Profit improved 4.6% to $1.6 billion.

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