Home Depot CEO Says Housing Decline Near End

Atlanta, GA, Sept. 4, 2008--Home Depot Inc's chief executive said said he sees light at the end of a long tunnel for the housing market.

CEO Frank Blake said the U.S. housing market was nearing the bottom of its decline, but the home-improvement sector would struggle at least through early 2009.

"We don't think we're at the bottom yet, but we think you can see it from here," Blake told a Goldman Sachs retail conference on Wednesday, that was available by webcast.

Blake made similar remarks about the U.S. housing market in late July.

"We're planning on the market remaining under pressure certainly through the rest of this year and probably into the beginning part of 2009," Blake added.

Blake said Home Depot could see modest improvement in the second half of this year as sales and earnings comparisons get easier. But he added that margins would face continued pressure through the rest of 2008.

Home Depot has said full-year profit could drop about 24 percent this year. Its quarterly earnings have declined for eight straight quarters.