Headlines

No Home Depot Improvement

Retailer blames weather, energy costs, the investment climate, interest rates and debt

Published

23 years ago

January 19, 2001

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The Home Depot (Atlanta) announced today that it anticipates a slight rise in earnings per share for the fiscal year ending Jan. 28, 2001, but lower earnings per share for the year's fourth quarter. The home improvement retail organization currently anticipates reporting flat comparable sales performance for the fourth quarter of fiscal 2000, compared to the previous estimate of approximately 4 percent comparable sales growth.

“The tough economy has put tremendous pressure on fourth quarter sales performance and increased competition for share of the consumers'wallets,” said the company's brand new president and ceo, Bob Nardelli. “Our customers are facing immediate and dramatic pressures in a number of areas, including record cold weather and rising energy costs, investment losses, higher interest rates and increasing consumer debt levels.

“We expect that many of the same economic factors affecting sales in the current quarter will persist in the first half of fiscal 2001, arguing for a cautious near term outlook,” Nardelli said.

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