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| Home Depot reports 1Q results Home Depot, the world's largest home improvement retailer, reported fiscal 2008 first quarter consolidated net earnings of $356 million, or $0.21 per diluted share, compared with $1.0 billion, or $0.53 per diluted share, in the same period in fiscal 2007. These results reflect a nonrecurring charge of $543 million due to the recently announced closing of 15 stores and removal of 50 stores from the future growth pipeline. Excluding this nonrecurring charge, Home Depot reported consolidated net earnings of $697 million, or $0.41 per diluted share. Sales for the first quarter totaled $17.9 billion, a 3.4 percent decrease from the first quarter of fiscal 2007, reflecting negative comparable store sales of 6.5 percent, offset in part by sales from new stores. Due to the 14th week in the fourth quarter of 2007, first quarter benefited from a seasonal timing change that added approximately $536 million to sales. write your comments about the article :: © 2008 Construction News :: home page |