Home Depot reports 4th quarter loss of $54M
Tue, 24 Feb 2009 16:13:34 GMT —
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.