First-quarter slump

Home Depot’s sales went down by 3.4 per cent to US $ 17.9 bn (€ 11.4 bn) in the first quarter of 2008. Sales in like-for-like terms dropped 6.5 per cent on the same period last year. Net earnings fell by 66 per cent to US $ 356 mio (€ 226 mio). Non-recurring charges to the extent of US $ 543 mio (€ 345 mio) for the closure of 15 stores and the cancellation of 50 planned branches are given as the reason for this collapse.