Profit declines

Tuesday, Feb. 25, 2003 | 9:35 a.m.

ATLANTA -- The Home Depot today said its profit slipped 3.4 percent in the fourth quarter despite gains in its appliance business and cautioned that sales may be flat this year. The latest earnings results still beat Wall Street expectations.

The nation's largest home improvement store chain also announced that it will no longer give quarterly earnings guidance so it can focus on its long-term outlook. It will give guidance only on an annual basis.

It earned $686 million, or 30 cents a share, in the three months ending Feb. 2 compared to a profit of $710 million, or 30 cents a share, for the same period a year ago. Analysts surveyed by Thomson First Call were expecting net earnings of 27 cents a share for the quarter.

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