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Earnings Fall But Home Depot Optimistic
Source: Agencies |
November 18, 2009, Wednesday
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HOME Depot Inc's third-quarter earnings fell 8.9 percent as the housing and renovation markets remained weak, the United States' largest home improvement retailer said yesterday.
But the company raised its full-year earnings outlook as lower costs helped it top third-quarter expectations. CEO Frank Blake said the company had seen signs of stabilization in real estate and added market share in the quarter.
Home Depot and other home-improvement retailers have seen sales decline as consumers put off do-it-yourself projects amid worry over jobs and home values.
But the company raised its full-year earnings outlook as lower costs helped it top third-quarter expectations. CEO Frank Blake said the company had seen signs of stabilization in real estate and added market share in the quarter.
Home Depot and other home-improvement retailers have seen sales decline as consumers put off do-it-yourself projects amid worry over jobs and home values.
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