Home Depot's Q4 loss

Source: Agencies | February 25, 2009, Wednesday |

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HOME Depot Inc, the United States' largest home improvement retailer, reported a fiscal fourth-quarter loss of US$54 million yesterday mostly due to its plan to shut its four smaller home-improvement brands, but adjusted results topped analysts' estimates.

The firm posted a loss of 3 US cents per share. That compares with a profit of US$671 million, or 40 US cents per share, a year ago.

Excluding the charge related to the closings and other items, the retailer's profit was 19 US cents per share.

Last month Atlanta-based Home Depot said that it planned to close Expo Design Centers, YardBIRDS, Design Centers and HD Bath, a bath remodeling business. The company has suffered under the weight of the collapsing housing market as few customers are buying new homes and spending on repairs.

Revenue for the period ended February 1 slid 17 percent to US$14.61 billion from US$17.66 billion, with same-store sales down 13 percent for the quarter.

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly-opened ones.

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Home Depot's Q4 loss

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