Home Depot Profit Falls Less Than Analysts Estimated

Home Depot Inc., the largest home- improvement retailer, reported second-quarter profit that fell less than analysts estimated and increased its full-year earnings forecast after reducing operating expenses.

Net income dropped 7.2 percent to $1.12 billion, or 66 cents a share, from $1.2 billion, or 71 cents, a year earlier, the Atlanta-based company said today in a statement. Excluding costs to close the company’s Expo business and a tax gain, earnings were about 64 cents a share. Analysts predicted 59 cents, the average of estimates compiled by Bloomberg.

Home Depot beat projections after rival Lowe’s Cos. yesterday reported profit and revenue that fell more than analysts anticipated. The companies are trying to counter sales declines with cost cutting as shoppers contend with sinking home values and job losses. Home Depot’s sales in the three months ended Aug. 2 decreased 9.1 percent to $19.1 billion.

Read Full Article from Bloomberg

- Posted: 2009-08-18 10:54:48

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