Home Depot reports loss, beats forecast

February 24, 2009 6:19:20 AM PST
Home Depot, the nation's largest home improvement retailer, reported a fiscal fourth-quarter loss of $54 million mostly due to its plan to shut its four smaller home-improvement brands, but adjusted results topped analysts' estimates.

The Atlanta-based company posted a loss of 3 cents per share. That compares with a profit of $671 million, or 40 cents per share, a year ago.

Excluding the charge related to the closings and other items, Home Depot Inc.'s profit was 19 cents per share.

Revenue slid 17 percent to $14.61 billion, with comparable-store sales down 13 percent.

Analysts forecast a profit of 15 cents per share on revenue of $14.67 billion.

Home Depot says it expects earnings from continuing operations to fall about 7 percent, with total sales down about 9 percent.

Morey money-related links:

CLICK HERE to follow Action News on Twitter

CLICK HERE to get Action News on your website

CLICK HERE to find Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments