Home improvement retailer The Home Depot, Atlanta, GA, reported third quarter 2007 profits of $1.1 billion, compared with $1.5 billion, or $0.73 per diluted share, in the same period in fiscal 2006.
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Sales for the third quarter were $19 billion, a 3.5% decrease from the third quarter 2006, reflecting negative comparable store sales of 6.2%, offset in part by sales from new stores.
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The sale of HD Supply was completed on Aug. 30, 2007, and the company reflects the results of HD Supply as a discontinued operation. The operating results and financial impact of the sale of HD Supply are listed as a one-line item on the income statement. Earnings from discontinued operations were $20 million, down 26.8%.
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We are facing a tough environment as housing indicators continue to deteriorate. Our financial performance in the third quarter reflects these tough conditions,” said CEO Frank Blake.
Home Depot Sales Down 3.5% in 3Q
Home improvement retailer The Home Depot, Atlanta, GA, reported third quarter 2007 profits of $1.1 billion, compared with $1.5 billion, or $0.73 per diluted share, in the same period in fiscal 2006.
  ;
Sales for the third quarter were $19 billion, a 3.5% decrease from the third quarter 2006, reflecting negative comparable store sales of 6.2%, offset in part by sales from new stores.
  ;
The sale of HD Supply was completed on Aug. 30, 2007, and the company reflects the results of HD Supply as a discontinued operation. The operating results and financial impact of the sale of HD Supply are listed as a one-line item on the income statement. Earnings from discontinued operations were $20 million, down 26.8%.
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We are facing a tough environment as ...
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