Home Depot Earnings Slide 31% in Quarter

Atlanta, GA, Nov. 18, 2008--Home Depot said its third quarter profit fell 31 percent on slow sales at established locations as consumers continued to cut back on spending amid a slowing economy.

Home Depot Inc. said Tuesday that net income fell to $756 million, or $0.45 per share, from $1.09 billion, or $0.60 per share, a year earlier.

The company said that revenue fell 6 percent to $17.78 billion.

The number of transactions and the average amount of purchases fell. Sales at stores open at least a year dropped 8.3 percent.

The retailer says the housing and home improvement markets remain challenging, and it still expects earnings per share from continuing operations to decline 24 percent for the fiscal year.