The Home Depot says its decline in earnings for this year will be much lower than originally announced.
The world’s largest home improvement chain says the sale of its wholesale distribution business, along with a weak housing market will drive earnings lower than expected. In May, the company announced a projected decline in earnings-per-share of 9-percent. Home Depot has revised that number to a decline of 15 to 18 percent for fiscal year 2007.
The Atlanta-based company also says its overall retail sales will be down up to 2-percent for the year.
Home Depot last month announced it was selling its wholesale supply branch to a group of private equity firms for over 10-billion dollars. Market projections were updated to show the unit as a discontinued operation.
The company operates over 2-thousand stores in the U-S, Canada, Mexico and China. Another 100 stores are scheduled to open this year.
The world’s largest home improvement chain says the sale of its wholesale distribution business, along with a weak housing market will drive earnings lower than expected. In May, the company announced a projected decline in earnings-per-share of 9-percent. Home Depot has revised that number to a decline of 15 to 18 percent for fiscal year 2007.
The Atlanta-based company also says its overall retail sales will be down up to 2-percent for the year.
Home Depot last month announced it was selling its wholesale supply branch to a group of private equity firms for over 10-billion dollars. Market projections were updated to show the unit as a discontinued operation.
The company operates over 2-thousand stores in the U-S, Canada, Mexico and China. Another 100 stores are scheduled to open this year.
