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Top Home Improvement Retailer Home Depot hit by Recession

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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5 responses to “Top Home Improvement Retailer Home Depot hit by Recession” - Add yours!

  1. February 25, 2009

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

  2. Amanda said:
    February 27, 2009

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

  3. March 2, 2009

    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

  4. March 2, 2009

    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

  5. undertheoak1 said:
    September 24, 2010

    I work there. I wish they would cut wastes not jobs. Besides, it is a loop: no sales because they cut floor people to the bare bone, and no people because hours are based no sales. A cart before the horse situation. People are overworked and leave in packs. Customers who need help leave because the wait for help is endless. Even when they get it, it is most likely a freshman who knows nothing.