ATLANTA—Second-quarter net income for The Home Depot totaled $1.1 billion, down 7.2 percent from last year’s second quarter.
Net sales for the home-improvement chain fell 9.1 percent to $19.1 billion in the quarter, which offset reductions of 7.8 percent in selling, general and administrative expenses and 9.6 percent in cost of sales. Same-store sales for the quarter took an 8.5 percent dive, including a 6.9 percent comp-store decline for Home Depot’s U.S. stores.
In a company statement, Frank Blake, chairman and chief executive officer, said “Concerns about the housing market, rising unemployment and softness in the overall economy continue to pressure consumers. Our business performed well in a down market. We captured market share and drove operating productivity.”
Home Depot also said sales for all of fiscal 2009 would probably decline about 9 percent from fiscal 2008.