Home Depot Posts Higher Annual Earnings

ATLANTA-Locally based The Home Depot Inc. posted 17% higher earnings of $2.7 billion for fiscal year 2009, even though sales were down 7% over the year to $66.2 billion. This includes fourth-quarter earnings of $342 million, following a year-ago loss of $54 million, on slightly lower sales of $14.6 billion.

“Despite the tough economic environment, we were able to make solid progress against our key initiatives in 2009,” Frank Blake, Home Depot chairman and CEO, stated in a release early Tuesday morning. He added that the chain continued to restructure its distribution network last year, with its “rapid deployment centers” now serving more than 65% of its US store base.

For the coming year, Home Depot anticipates sales growth of 2.5% with a net new opening of six stores. The world’s biggest home improvement retailer has 2,244 locations, mainly in the US with others in Canada, Mexico and China.