Home Depot Sales Fell 3 Percent in the Fourth Quarter
February 25, 2014 | 11:18 pm CST
Home Depot Closes All Its Stores In China; 850 Layoffs

Home Depot Sales Fell 3 Percent in the Fourth QuarterATLANTA -- The Home Depot home improvement retailer reported a 3% drop in fourth quarter sales for 2013, to $17.7 billion; net income was flat at $1 billion. Excluding an extra week in the 2012 quarter, sales rose 3.9% and earnings 19.7%. 

Home Depot, a major supply center for construction contractors, is a closely watched barometer of the home building and remodeling business.  "In 2013, we posted our strongest comp sales growth in 14 years as solid execution and the recovering housing market aided our performance," said Frank Blake, chairman & CEO.

Home Depot projects 4.8% sales growth for the rest of 2014. Capital spending will be approximately $1.5 billion 

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