Search
 

Home Depot Posts Q2 Profit Decline

ATLANTA-Earnings were off by $100 million over the year, yet topped expectations.

By Carl Cronan | Updated on August 18, 2009

ATLANTA-Locally based The Home Depot Inc. on Tuesday reported net earnings of $1.1 billion for the second quarter, down from $1.2 billion from a year earlier yet still ahead of analysts’ expectations. The chain reported a $20-million profit impact related to the closing of 34 Expo Design Centers stores announced earlier this year.

Sales for the most recent quarter totaled $19.1 billion, down 9% over the year. Comparable store sales for the quarter declined 8.5%, while comp sales for US stores were off 6.9%.

“Concerns about the housing market, rising unemployment and softness in the overall economy continue to pressure consumers,” Frank Blake, Home Depot chairman & CEO, stated in a release. “Our business performed well in a down market, we captured market share and drove operating productivity.”

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.