Home Depot downbeat on prospects
Like-for-likes fall 2 per cent in third quarter
November 19 2002
The Home Depot has issued a cautious forecast as it reported a decease in like-for like sales of 2 per cent for the third quarter.
Overall sales increased by 9 per cent to a record $14.5bn for the world’s largest home improvement retailer, with net profits of $940m.
Chairman Bob Nardelli said: “The current retail environment, coupled with merchandising changes and resets within our stores, affected customer traffic. Throughout the quarter, however, we saw customers respond to great values in areas like appliances, flooring, and power tools, supporting growth in our average ticket.
“Looking forward, our customers can be assured of everyday low prices, broader assortments and excellent service at the heart of our activities through the fourth quarter and into the next fiscal year. While we remain cautious on the outlook for the economy into next year, the strength of our balance sheet and our operating performance allows us to stay on strategy.”
Home Depot operates more than 1,500 outlets in the US, Canada, and Mexico, and will open 200 stores this year.
