Home Depot Reports 3Q Results

Atlanta, The Home Depot on Tuesday reported fiscal 2007 third-quarter consolidated net earnings of $1.1 billion, compared with $1.5 billion in the same period in fiscal 2006.

Earnings from continuing operations in the fiscal 2007 third quarter were $1.1 billion, compared to fiscal 2006 third-quarter earnings from continuing operations of $1.3 billion. Sales for the third quarter totaled $19 billion, a 3.5% decrease from the third quarter of fiscal 2006, reflecting negative comparable store sales of 6.2%, offset in part by sales from new stores.

The sale of HD Supply was completed on August 30, and Home Depot reflects the results of HD Supply as a discontinued operation. Earnings from discontinued operations were $20 million for the third quarter of fiscal 2007. "We are facing a tough environment as housing indicators continue to deteriorate. Our financial performance in the third quarter reflects these tough conditions," said Frank Blake, chairman and CEO. "But we are making significant improvements in our business and we will continue to invest thoughtfully for the long-term health of the company."