Home Depot earnings slide 19%.(Brief Article)(Statistical Data Included)
Home Textiles Today, February, 2001 by Hogsett, Don
ATLANTA -- Hard hit by weakening margins, higher costs and flattening same-store sales, The Home Depot, one of the nation's blue-chip, benchmark retailers, said that fourth-quarter profits dropped by 19.6 percent, to $465 million from $578 million last year. Given a lift by rapid expansion -- the opening of 204 new stores last year -- sales advanced by 14.1 percent, to $10.5 billion from $9.2 billion.
But set back by price erosion in lumber and building materials, same-store sales were flat at the world's largest home improvement retailer, the parent of EXPO Design Center and more recently Villager's Hardware stores. Same-store sales were trimmed by 2 percent just by the impact of price deflation in lumber products, "which reached an eight-year low...
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