Atlanta, GA-based The Home Depot, home improvement retailer, reported sales in the first quarter 2008 were $17.9 billion, a 3.4% decrease from the prior-year period, reflecting negative comparable store sales of 6.5%.
The housing and home improvement markets remained difficult in the first quarter; in fact, conditions worsened in many areas of the country," CEO Frank Blake said.
Profit was $356 million, compared with $1 billion last year.
These results reflect a nonrecurring charge of $543 million due to the recently announced closing of 15 stores and removal of 50 stores from the future growth pipeline. Excluding this nonrecurring charge, the company reported profit of $697 million.