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Home Depot Posts Major Earnings Decline

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The Home Depot Inc., the world's largest home improvement store chain, warned Tuesday that its earnings will decline this year more than previously expected because of weak conditions in the housing market and the sale of its wholesale distribution business.

The Atlanta-based company said it now expects its earnings per share to decline by 15 percent to 18 percent for fiscal 2007. In May, the company had projected an earnings per share decline of 9 percent for the year.

The earlier guidance included an estimated 18 cents of earnings per share contribution from the company's HD Supply unit for the last six months of the fiscal year.