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Home Depot Posts Mixed Results

ATLANTA-Despite 44% higher profits, the home improvement giant worries over foreclosures.

By Carl Cronan | Updated on May 19, 2009

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ATLANTA-The Home Depot Inc., the locally based home improvement retailing giant, posted a 44% increase in profits through its first fiscal quarter ending earlier this month. However, company executives are worried that foreclosures in the detached housing sector could impact future results.

“We are concerned about accelerating rates of foreclosures, particularly in the western part of the country where there is already a high density,” Frank Blake, Home Depot chairman and CEO, stated during a conference call Tuesday. He noted that sales for the first quarter ending May 3 totaled $16.2 billion, declining 10% from the year-earlier period.

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