Home Depot, the world’s largest home-improvement chain, said fiscal 2009 profit may decline less than it had projected, or not at all, after it reduced expenses to counter falling sales.
The shares rose in early trading.
Profit from continuing operations may be unchanged or fall 7 per cent, compared with the 7 per cent drop the company forecast May 19th, Atlanta-based Home Depot said today in a statement.
The chain said it still anticipates a 9 per cent drop in sales.
The retailer, led by chairman and chief executive Frank Blake, has reduced expenses, shuttered its Expo design chain and frozen 2009 base salaries for officers as declining housing starts depress demand for home improvements.
The shares have rebounded by 5.8 per cent this year after sinking for four straight years.
Bloomberg
