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Home Depot is struggling against the worst U.S. housing slump in more than 25 years, and its profits are showing the strain.
First-quarter profits for the largest home-improvement retailer fell 66 percent, and full year earnings may be at the low end of its previous forecast, according to Bloomberg. Home Depot profits have fallen for the past seven quarters; competitor Lowe’s profits have declined in five of the past six quarters.
Net income decreased 21 cents a share to $356 million, on costs to close stores, but profit, excluding some expenses, was 41 cents a share, beating analyst estimates by 4 cents.
Same-store sales dropped 6.5 percent - less than the 7 percent decline estimated by Hoovers.
Home Depot announced earlier this month that it plans to close 15 stores and cancel plans to open 50 more.
Burt Flickinger, managing director at Strategic Resource Group, said that Home Depot is bouncing back from the problems that former CEO Bob Nardelli passed along, and that Nardelli’s replacement, Frank Blake, is doing a “great job” rebuilding the business for the future.
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The series True Blood,…
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Ad pages during the first…
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However, the…
AMC’s Mad Men snared 16 Emmy nominations, including best drama - the first time a basic cable series was nominated in the best-series category.
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Antiperspirant manufacturer Mitchum is launching a promotion, kicked off in the Pacific Northwest this month, that offers consumers $1 coupons attached to hangers that come from dry cleaners.
This is the third time Mitchum has partnered with EcoHangers - a company…
