Home Depot raises full-year earnings guidance
ATLANTA -- Atlanta-based Home Depot now sees earnings per share from continuing operations to be flat to down 7%. Prior guidance called for a 7% decline.
The retailer also expects adjusted earnings per share to be down 20% to 26%. Its previous outlook was for a 26% decline.
In 2008, Home Depot had earnings from continuing operations of $1.37 a share. Its adjusted earnings from continuing operations were $1.78 a share. This implies 2009 earnings from continuing operations of $1.27 to $1.37 a share and adjusted earnings from continuing operations of $1.32 to $1.42 a share.
The retailer maintained its outlook for an approximately 9% sales decline, which would mean sales of about $64.9 billion.
Analysts polled by Reuters, whose estimates generally exclude one-time items, predict full-year profit of $1.40 a share on sales of $65.27 billion.
Home Depot reiterated its forecast for same-store sales to decline in the high single digits.
Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.
Home Depot, which has 2,238 retail stores, will hold its investor and analyst conference later Wednesday.
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