Home Depot Profit Falls 24 Percent in Quarter

Atlanta, GA, Aug. 19, 2008--The Home Depot Inc. reported a 24 percent decline in second-quarter profits but beat expectations.

The company said it believes sales will decline this year by about five percent.

The company said that net income was $1.2 billion, or 71 cents per share, in the three month period ended Aug. 3, compared with $1.58 billion, or 81 cents per share, a year ago.

Sales for the second quarter totaled $21 billion, a 5.4 percent decrease from $22.1 billion in the year-ago period. Same-store sales, fell 7.9%

"We continue to see pressure on our market and the consumer, generally," said CEO Frank Blake.