Home Depot 3Q profit falls 31 percent

[November 18, 2008]  ATLANTA, Ga. (AP) -- Home Depot says its third quarter profit sank 31 percent on slow sales at established locations as consumers continued to cut back on spending.

Home Depot Inc. said Tuesday that net income fell to $756 million, or 45 cents per share, from $1.09 billion, or 60 cents per share, a year earlier.

Analysts expected 38 cents per share.

The Atlanta-based home improvement retailer says revenue fell 6 percent to $17.78 billion. Analysts expected $17.74 billion.

The number of transactions and the average amount of purchases fell. Sales at stores open at least a year dropped 8.3 percent.

The retailer says the housing and home improvement markets remain challenging, and it still expects earnings per share from continuing operations to decline 24 percent for the fiscal year.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.