Search
 

Home Depot Reports 8% Comp Sales Decline

ATLANTA-No change reported in openings or closures, company officials said during its third quarter conference call.

By Debra Hazel | Updated on November 18, 2008

ATLANTA-With the US housing market still in turmoil, and the economic downturn spreading overseas, expect declining sales for the fourth quarter and beyond, Home Depot executives said at the company’s third-quarter conference call. With sales declining in the US, and comps down in Canada and China, total sales could be down 8% for the year, the chain predicted. “We continue to predict a challenging sales environment,” said Carol Tomé, EVP and CFO. “We’re controlling what we can control.”

Overall comps declined 8.3% for the quarter, with weakness now spreading to formerly healthy US markets, reported Frank Blake, chairman & CEO. Canada and China, too, saw decreases, the latter due in part to the Olympic Games. Mexico remains healthy, he said.

The company continues to assess its new stores, but there were no announcements of openings or closures. “We look every quarter at our stores and try to make sure we’re doing the right thing with the stoppers we have open,” Blake said. “With our ‘orange box stores’ we don’t see a dramatic change from what we saw in the first quarter on the value of those stores.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.