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The Home Depot 1Q Sales Decline 9.7%

The Home Depot, Atlanta, GA, reported sales for the first quarter of fiscal 2009 were $16.2 billion, a decrease of 9.7% from the prior year period. Profit increased 44.4% to $514 million.
 
Comparable store sales declined 10.2% overall, with comparable sales for U.S. stores down 8.6%.
 
The increase in profit can be attributed in part to the closure of the EXPO businesses, which contributed $117 million to first quarter operating profits.
 
At the end of the first quarter, The Home Depot operated 2,238 retail stores, including 1,973 stores in the United States, 178 stores in Canada, 75 stores in Mexico and 12 stores in China.

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