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Top Home Improvement Retailer Home Depot hit by Recession

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Top home improvement retailer Home Depot Inc said per-share profit would fall for a third consecutive year in 2009 as the recession and softer U.S. housing market eat into sales.  The company has been hurt as fewer of its customers are buying new homes and spending money on repairs and remodeling. Home Depot posted a net loss of $54 million, or 3 cents a share, for the fourth quarter ended February 1, compared with earnings of $671 million, or 40 cents a share, a year earlier. Home Depot is also cutting 7,000 jobs as it shutters its Expo Design Center chain and trims corporate costs. – Via

home depot Top Home Improvement Retailer Home Depot hit by Recession

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Published by Michael 24 Feb 2009 in Uncategorized

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4 comments:

  1. Debbie, The Home Decor Genie says:
    March 2, 2009 at 12:49 am

    This is very sad. A lot of good people losing jobs and us “do-it-yourselfers” losing a place to get great deals on home improvement stuff.
    Debbie, The Home Decor Genie

    Reply
  2. Debbie - The Home Decor Genie says:
    March 2, 2009 at 12:47 am

    This a big loss for all us “do-it-yourselfers” not to mention all the jobs lost. Very sad!
    Debbie – The Home Decor Genie, in Denver, CO

    Reply
  3. Amanda says:
    February 27, 2009 at 6:32 am

    Darn!that was really a big loss. I hope Handyman here won’t suffer the same fate. Thanks for the heads up!

    Reply
  4. Wade Jackman says:
    February 25, 2009 at 4:28 pm

    I went there the other day to pick up a few things, first time
    I didn’t have to wait in line!

    Reply

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