Home Depot does better in third quarter
Published: Wed, Nov. 19, 2008 12:30AM
Modified Wed, Nov. 19, 2008 02:23AM
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closeATLANTA -- Home Depot gave investors a welcome surprise Tuesday, posting a better-than-expected third-quarter profit.
But its 31 percent drop in earnings still shows just how badly the chain has been pummeled, and executives warned of a steeper drop in full-year sales.
"This is a difficult environment," CEO Frank Blake said. "The view we had at the start of the quarter, that we might be nearing the bottom, ... gave way to the financial crisis in September and beyond."
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Same-store sales fell 8.3 percent during the period as shoppers eschewed everything from custom kitchens to hardwood floors.
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Staff writer John Murawski
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