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Home Depot Tumbles To 5-Yr Low As Sales Shrink For Old Leader Same-Store Sales Off 10% Weak holidays get blame; analysts also see trouble with inventory, sales help.(A)
Byline: MARILYN MUCH
Shares of Home Depot dived to nearly a five-year low Friday after the nation's No. 1 home-improvement chain warned it could see its worst same-store sales ever.
The Atlanta-based chain also warned late Thursday that fourth-quarter net would be just 27-29 cents a share, below Wall Street views of 31 and last year's 30.
Home Depot's shares fell 3.50, or 14%, to 21.38, a level not seen since the first quarter of 1998.
The big problem: flagging sales. Home Depot said fourth-quarter same-store sales -- revenue from outlets open at least a year -- could shrink as much as 10%.
Executives would not comment. But in a statement, Chief Executive Robert Nardelli pinned the troubles on sluggish sales during the holidays.
In December, the number of customer transactions slowed and Home Depot saw lower-than-expected sales in typical gift categories, such as hardware and power tools. Sales also suffered because the chain chose not to rerun promotional events of a year ago.
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