Tuesday, November 18, 2008

Home Depot Forecasts Annual Sales off 8%

by Bill McBride on 11/18/2008 08:51:00 AM

From the Home Depot Press Release today:

Given the continued softness in the housing and home improvement markets as well as negative macro economic conditions, the Company now believes that fiscal 2008 sales could be down as much as 8 percent for the year.
Back in August, Home Depot forecast 2008 sales off 5%:
[T]he Company believes fiscal 2008 sales will decline by approximately five percent ...
This forecast revision - just 3 months later - suggests a double digit sales decline in the 2nd half of '08 (to make up the difference in forecasts).

Ouch.