Home Depot's Third -Quarter Net Falls 9 Percent

[caption id="attachment_735" align="alignleft" width="225"]        [/caption] ATLANTA-Even though Home Depot managed to slash into its expenses, third-quarter net income for the home-improvement chain still finished down 9 percent from last year, at $689 million.

An 8 percent decline in net sales, which totaled $16.4 billion in the quarter, offset identical 8.4 percent cuts in both selling, general and administrative expenses and cost of goods sold. The sales shortfall included a drop in same-store sales of 6.9 percent (7.1 percent for Home Depot's U.S. stores). Frank Blake, Home Depot's chairman and chief executive officer, commented in a company statement that the chain's results are facing "a great deal of pressure in the housing and home-improvement markets," but added that Home Depot still picked up market share in the quarter.

Based on the third-quarter numbers, Home Depot said it expects sales for the entire fiscal year to be off 9 percent.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN Cover July 2017

    HFN's DIGITAL EDITION

    July 2017


    COVER STORY: Bloomie's Home Makeover

    The luxury department store retailer unifies its home floors at its flagship store on 59th Street in New York City and modernizes the shopping experience.


    ALSO IN THIS ISSUE:

    • The American Makers - Retailers grapple with the rewards and challenges of selling American-made home furnishings.
    • Category Trends: Tabletop - The newest cocktail and dining trends influence barware and serveware design.