The American teaches DIY Home Depot earnings fall sharply in the third quarter and expects a contraction stronger than expected annual sales under the current economic situation, according to a statement released on Tuesday.
On the quarter ended Nov. 2, net income reached 756 million, down 31.3% compared to earnings of $ 1.1 billion recorded in the third quarter of fiscal 2007. Home Depot has, however, exceeded market expectations, with earnings per share of 45 cents, while analysts relied on 38 cents.
"Given the continued slowdown of the economy in the real estate markets and crafts as well as the negative macroeconomic conditions", the group now considers that sales for the year 2008 could decline by 8%. It previously expected a decline of only about 5%. The anticipation of a decline of about 24% of annual earnings per share, on a comparable basis, was confirmed.
At the New York Stock Exchange, Home Deot gained 3.55% to 20.71 dollars.
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