Home Depot and Lowe’s Sales Down

August 18, 2009 – Home improvement retailer The Home Depot reported sales for the second quarter totaled $19.1 billion, a 9.1 percent decrease from the second quarter of fiscal 2008. Comparable store sales for the second quarter were negative 8.5 percent, and comp sales for U.S. stores were negative 6.9 percent.

"Concerns about the housing market, rising unemployment and softness in the overall economy continue to pressure consumers," said Frank Blake, chairman & CEO.

The company believes that fiscal 2009 sales will be down approximately 9 percent from fiscal 2008.

Lowe's Companies, Inc. reported sales for the second quarter declined 4.6 percent to $13.8 billion, down from $14.5 billion in the second quarter of 2008. Comparable store sales for the second quarter declined 9.5 percent and declined 8.2 percent in the first half of 2009.

The company has re-evaluated its future store expansion plans. For 2010, expansion in North America will be below previously anticipated levels, and new store openings will be in the range of 35 to 45, the company said.