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Alexkid

Home Depot 2nd-quarter profit falls on closing of Expo business, ongoing housing weakness
(AP) 06:20:36 AM (ET), Tuesday, August 18, 2009 (ATLANTA)
Home Depot says its fiscal second-quarter profit fell 7 percent, as the nation's biggest home improvement retailer shuttered its Expo business.

The Atlanta-based company earned $1.12 billion, or 66 cents per share, compared with $1.2 billion, or 71 cents per share, a year earlier.

Excluding Expo-related charges, profit was 67 cents per share, topping analysts' forecasts for 59 cents per share.

Revenue dropped 9 percent to $19.07 billion. Analysts expected $19.23 billion.

Home Depot Inc. lifted its full-year earnings from continuing operations forecast to flat to up 7 percent. Adjusted profit is expected to fall by 15 to 20 percent.

Lowe's on Monday posted a 19 percent decline in second-quarter profit.


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* " Adjusted profit to fall by 15 to 20 percent ? This is hard to believe. Each time I go to Home Depot, all the check outs are open(including self -serve) and the lines are long. Maybe I am basing this on my local Home Depot store.I am sure once the housing situation gets going,Home Depot & others will show profits. *

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