Comparable store minus

Home Depot’s comparable store sales are down in the third quarter of 2002 (to 3 November). Although the volume of US $ 14.5 bn (€ 14.32 bn) indicates an overall increase of nine per cent over figures for the same period last year, the result in like-for-like terms was a decrease of two per cent, according to information from the company. Bob Nardelli, chairman, president and chief executive officer, attributes this weak development to the fact that newer Home Depot stores are taking sales away from older outlets when their catchment areas overlap. It is not expected that the target of generating a sales increase of between 15 and 18 per cent in the current year will be achieved. Nevertheless, the company is still reckoning with a rise in earnings. Net earnings in the third quarter rose by 21 per cent to US $ 940 mio (€ 929 mio). On Tuesday the share price fell by 12.9 per cent on the New York stock exchange and by 14.5 per cent in London.