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Home Depot Comps Drop

ATLANTA-Soft sales, after facing tough comparisons to last year, don't deter store reset plans for the chain.

By Debra Hazel | Updated on November 15, 2006

ATLANTA-Soft sales in the third quarter are not dissuading Home Depot from its store reinvestment program, executives said in its third quarter conference call. A slowing US economy and declining home prices resulted in a 5.1% comp-store sales decline.

Same-store sales also suffered from a comparison with a strong 2005, which was boosted by hurricane-related purchases. But the company will complete its plan to reset 100 bays in more than 100 stores by the end of the year, and accelerate the plan in 2007. The company will reset bays in 540 stores in total.

“We’ve stayed true to that plan, despite the economic headwinds that have come our way,” said Carol Tome, chief financial officer. “The Home Depot is using its stellar financial position to invest in the long term.”

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