Home Depot 1Q hurt by slow housing market

ATLANTA The Home Depot has reported fiscal 2008 first quarter consolidated net earnings of $356 million, or 21 cents per diluted share, compared with $1 billion, or 53 cents per diluted share, in the same period in fiscal 2007.

Sales for the first quarter totaled $17.9 billion, a 3.4% decrease from the first quarter of fiscal 2007, reflecting negative comparable-store sales of 6.5%, offset in part by sales from new stores.

"The housing and home improvement markets remained difficult in the first quarter; in fact, conditions worsened in many areas of the country," said Frank Blake, chairman and ceo. "I want to thank our associates for their hard work in a tough environment. We will continue to invest wisely in our core retail business to earn our customers' confidence and ensure the long-term health of our business."