The Home Depot 3Q Sales Down 6.2%
Atlanta The Home Depot reported on Tuesday fiscal 2008 third quarter consolidated net earnings of $756 million, compared with $1.1 billion in the same period in fiscal 2007.
Sales for the third quarter totaled $17.8 billion, a 6.2% decrease from the third quarter of fiscal 2007, reflecting negative comparable store sales of 8.3%, offset in part by sales from new stores.
The company had 53 weeks in fiscal 2007, which shifted the 2008 fiscal calendar. Because of this shift and given the seasonal nature of its business, third-quarter sales, on a like-for-like calendar basis, were negatively impacted by approximately $225 million. Excluding the calendar shift, the like-for-like comp for the quarter was negative 7.1%.
"The housing and home-improvement markets remain challenging. Across our entire business, we are making the adjustments necessary to respond to a tough market environment," said Frank Blake, chairman & CEO.