Top Home Improvement Retailer Home Depot hit by Recession

Top Home Improvement Retailer Home Depot hit by Recession

Top home improvement retailer Home Depot Inc said per-share profit would fall for a third consecutive year in 2009 as the recession and softer U.S. housing market eat into sales. The company has been hurt as fewer of its customers are buying new homes and spending money on repairs and remodeling. Home Depot posted a net loss of $54 million, or 3 cents a share, for the fourth quarter ended February 1, compared with earnings of $671 million, or 40 cents a share, a year earlier. Home Depot is also cutting 7,000 jobs as it shutters its Expo Design Center chain and trims corporate costs. - Via

http://freshome.com/2009/02/24/top-home-improvement-retailer-home-depot-hit-by-recession/