Atlanta –Home Depot, which turns 30 years old in June, benefitted in the first quarter despite economic challenges, thanks to its sale of its now defunct Expo Center business last year.
The country’s largest home improvement chain reported net earnings of $514 million, or 30 cents per diluted share, for the first quarter compared with net earnings of $356 million, or 21 cents per diluted share, in the same period last year.
“First quarter of 2009 results reflect a net impact to operating profit of $117 million related to the closing of the Expo businesses,” the company said.
In the first quarter of 2008, the company's reported results included charges of $543 million associated with its store rationalization plan. On an adjusted basis, Home Depot reported first quarter of fiscal 2009 net earnings of $587 million, or 35 cents per diluted share, compared to adjusted net earnings of $697 million, or 41 cents per diluted share, in the same period of fiscal 2008.But the chain otherwise suffered in sales, which for the period declined 9.7% to $16.2 billion. Comparable store sales also disappointed, dipping 10.2%, as did comp sales for U.S. stores, which went down 8.6%.
Product category highlights not surprisingly came in the form of outdoor seasonal and some “simple repair and décor” areas, said Craig Menear, evp, merchandising.
“Seasonal categories related to outdoor projects showed flat or positive growth in the quarter,” he said, adding that basic repair and maintenance categories “remained resilient across the country” and “simple remodel and décor categories gained some strength in the quarter.”
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posted by srikanth....july7
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