Home Depot’s 24% profit drop beats estimates
Home Depot reported second quarter earnings dropped 24 percent versus Q2 2007. The drop was substantial, but less than expected. Overall, sales suffered a 5 percent decline and same-store sales dropped 7.9 percent.
Shares of Home Depot and its rival, Lowe’s (which announced better than expected earnings yesterday), have been down around 2 percent this morning.
Both companies cited the housing market slump for decreased sales in pricey items such as counter-tops and cabinets.
Even though the housing slump has yet to reverse, analysts seem to think the worst is over. We’ve heard that one before ;)
Tags: Earnings, home depot, housing, lowesRelated Stories
POSTED IN: Corporate, Economy, Investment, Market, News
0 opinions for Home Depot’s 24% profit drop beats estimates
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: