Home Depot Reports Fourth Quarter Loss

Atlanta, GA, Feb. 24, 2009--Home Depot said it swung to a loss of $54 million, or 3 cents a share, in the fourth quarter after charges to exit businesses and write down its investment in HD Supply by $163 million.

Home Depot earned $671 million in the same quarter a year earlier.

Excluding the charges and write-offs, Home Depot would have earned 19 cents a share, down 52.5% from the prior year.

Sales fell 17% to $14.6 billion.

For 2009, Home Depot sees earnings from continuing operations per share falling 7%.

"We expect the home improvement market in 2009 will remain just as challenging as 2008, but we will continue to invest in our associates and stores to set a strong foundation for the long term health of our company," said CEO Frank Blake.