The Home Depot, Atlanta, GA, reported sales of $77.3 billion, down 2.1% from fiscal 2006. Comparable store sales for the year fell 6.7%.
This was a difficult year financially, but I believe the progress we made on our key priorities set the foundation for the long-term health of our company," said CEO Frank Blake. "We see the home improvement market in 2008 as challenging, but we are going to continue to focus on our five priorities and build on the progress we made in 2007."
Profit was $4.4 billion, compared with $5.7 billion in 2006.
Home Depot expects sales to decline again in the single digits in 2008. The company expects to open 55 new stores and relocate five.