Housing market takes toll on Home Depot 3Q

ATLANTA The Home Depot reported fiscal 2008 third quarter consolidated net earnings of $756 million, or 45 cents per diluted share, compared with $1.1 billion, or 60 cents per diluted share, in the same period in fiscal 2007.

Sales for the third quarter totaled $17.8 billion, a 6.2% decrease from the third quarter of fiscal 2007, reflecting negative comparable-store sales of 8.3%, offset in part by sales from new stores.

"The housing and home improvement markets remain challenging. Across our entire business, we are making the adjustments necessary to respond to a tough market environment," said Frank Blake, chairman and ceo.

Given the continued softness in the housing and home improvement markets as well as negative macro economic conditions, the company now believes that fiscal 2008 sales could be down as much as 8% for the year. The company expects that earnings per share from continuing operations will decline by approximately 24%, consistent with previous guidance.