Home Depot profit off 66% 

Atlanta – A $543 million charge sent Home Depot’s first-quarter net income plummeting by 66% to $356 million, or 21 cents per share.

The charge was related to the closing of 15 stores and elimination of 50 more from future development as well as sliding sales. Without the charge, earnings would have been $697 million, or 41 cents per share.

Sales for the quarter ended May 4 fell 3.4% to $17.91 billion, with comps down 6.5%.

“The housing and home improvement markets remained difficult in the first quarter; in fact, conditions worsened in many areas of the country,” said ceo Frank Blake.

Home & Textiles Today Staff | News & Commentary

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HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!