Ugly Numbers At Home Depot (HD)

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Home Depot (NYSE: HD) posts worse numbers with each passing quarter. The big home improvement retailer reported fiscal 2007 fourth quarter consolidated net earnings of $671 million, or $.40 per diluted share, compared with $925 million, or $.46 per diluted share, in the same period in fiscal 2006. Sales for the fourth quarter totaled $17.7 billion, a 1.5 percent increase from the fourth quarter of fiscal 2006.

Comparable store sales for the quarter declined 8.3 percent.

The company’s forecast for 2008 was worse. Revenue should fall by 4% to 5% and earnings from continuing operations will be off 19% to 24%.

Douglas A. McIntyre