The world’s largest home improvement retailer says its third-quarter profits took a beating at the hands of a dismal U.S. economy.
The Home Depot reports profits were down 31-percent for the most recent three month period. But despite the fall, the 45 cents earnings-per-share beat analysts’ expectations by seven cents a share.
The retailer reported sales at stores open for at least a year were down over eight-percent.
The Atlanta-based chain joins North Carolina-based rival Lowe’s in reporting big earnings drop-offs for the most recent quarter.
Home Depot chief executive officer Frank Blake says he expects the housing and home improvement market to remain challenging going forward. The chain has recently been focusing efforts on improving service across its 2,000 store chain.
The Home Depot reports profits were down 31-percent for the most recent three month period. But despite the fall, the 45 cents earnings-per-share beat analysts’ expectations by seven cents a share.
The retailer reported sales at stores open for at least a year were down over eight-percent.
The Atlanta-based chain joins North Carolina-based rival Lowe’s in reporting big earnings drop-offs for the most recent quarter.
Home Depot chief executive officer Frank Blake says he expects the housing and home improvement market to remain challenging going forward. The chain has recently been focusing efforts on improving service across its 2,000 store chain.
