Home Depot’s (HD) sales only rose 4% in the most recent quarter, to $20.27 billion. And same-store sales for the period fell 6.6%. EPS fell from $.60 to $.50. Operating income fell 22%.
There was a sense of the inevitable about the numbers. With a failed strategy left behind by the departed CEO, and housing starts across the US slow to down, the question at Home Depot is whether its can be fixed at all or if it has to wait for the next move up in the housing cycle.
Depressing.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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