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| Home Depot profit down  Home Depot, the world's largest home improvement retailer, reported first quarter net earnings of $1.0 billion, or $0.53 per share, compared with $1.5 billion, or $0.70 per share, in the same period in fiscal 2006. Sales for the first quarter totaled $21.6 billion, a 0.6 percent increase from the first quarter of fiscal 2006. Total sales in the retail segment declined 4.3 percent to $18.5 billion, and comparable store sales declined 7.6 percent. Total sales in the HD Supply segment grew by 46 percent to $3.1 billion, reflecting sales from acquired businesses."The housing market continues to be a challenge, and erratic weather conditions across the United States negatively affected our spring selling season", said Frank Blake, chairman & CEO. At the beginning of the year, the company said its earnings per share, on a 52-week basis, would decline 4-9% in fiscal 2007. Based on first quarter performance, Home Depot now believes it will be at the low end of its earnings per share guidance for the year. write your comments about the article :: © 2007 Construction News :: home page |