Home improvement retailer The Home Depot has reported a nearly 15-percent drop in second-quarter profits. Despite those results, the company is ahead of Wall Street expectations.
Earnings for the 2nd quarter of 2007 were 1.6 billion dollars, or 81-cents a share. That is 300-million dollars and 9-cents a share less than the same period last year. The company also reports that sales in stores open at least a year fell more than 5-percent.
Despite those numbers, the Atlanta-based retailer is beating Wall Street projections. Net income from continued operations fell 200-million dollars and 5-cents a share from the same period last year. But it still is ahead by a nickel-a-share in a forecast of analysts surveyed by Thomson Financial.
Home Depot’s results do not include its wholesale supply business, which the company is trying to sell to a group of private equity firms.
The retailer says it expects earnings-per-share to fall 15-18 percent for fiscal 2007.
Earnings for the 2nd quarter of 2007 were 1.6 billion dollars, or 81-cents a share. That is 300-million dollars and 9-cents a share less than the same period last year. The company also reports that sales in stores open at least a year fell more than 5-percent.
Despite those numbers, the Atlanta-based retailer is beating Wall Street projections. Net income from continued operations fell 200-million dollars and 5-cents a share from the same period last year. But it still is ahead by a nickel-a-share in a forecast of analysts surveyed by Thomson Financial.
Home Depot’s results do not include its wholesale supply business, which the company is trying to sell to a group of private equity firms.
The retailer says it expects earnings-per-share to fall 15-18 percent for fiscal 2007.
