The world’s largest home improvement retailer reports a slide in profits, but not as bad as its rival.
Home Depot says its earnings fell 7 percent across the fiscal second-quarter. Over one year’s time, earnings slid from 71 cents-, to 66 cents-a-share.
In a statement, Home Depot CEO Frank Blake pointed to continued concerns over the soft economy and its effect on the housing market pressuring consumers.
But the Atlanta-based company says when adjusted for the recent closure of its Expo design stores, results beat Wall Street expectations by about 8 cents-per-share. And Home Depot’s results were better than that of rival Lowe’s, which reported its profit fell 19 percent on weaker than expected sales.
Home Depot has more than 300,000 workers and 2,200 retail stores.