Home Depot's Third -Quarter Net Falls 9 Percent
November 17, 2009,
[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.
Other Articles By Author
Macy’s Discusses Virtual Reality Test at HFN’s Omnichannel Summit
HFN's DIGITAL EDITION
One Kings Lane Flashes Forward
Formerly a flash-sale only website, One Kings Lane—now under the ownership of Bed Bath & Beyond—evolves into a lifestyle retailer with a new physical presence.
ALSO IN THIS ISSUE:
- HFN Tech & Omnichannel Study- Although e-commerce shopping is increasing dramatically among consumers, home retailers lag in their current and future tech investments and implementation.
- Market Previews: High Point & Tabletop- The newest collections and influencer trends emerge in our High Point Market and N.Y. Tabletop Show special sections.