Home Depot (HD) cut almost all of its numbers for the fiscal year. That would include earnings, same-store sales and revenue.
The biggest surprise is not the revision, it is that it took so long. With home prices and gas rising and defaults growing, HD is up against an almost perfect storm for a home-improvement retailer.
Expect more downward revisions as the year goes on.
Home Depot and its shareholders were happy to put their problems at the feet of past management. But, all current management has shown is that it can do nothing to help an inevitable slide in sales at a company that is tied to a moribund housing market.
Over the last year, the company’s shares are up 15%, which is less than the S&P, but still respectable. Wall St. can kiss those gains goodbye.
Douglas A. McIntyre can be reached at [email protected]
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