The Home Depot Inc. reported a fiscal fourth-quarter loss of $54 million on Tuesday, due in part to its plan to close its four home improvement brands.
The company lost 3 cents per share during the fourth quarter, compared to a profit of $671 million (40 cents per share) during the same period last year.
“We expect the home improvement market in 2009 will remain just as challenging as 2008, but we will continue to invest in our associates and stores to set a strong foundation for the long-term health of our company,” chairman and chief executive Frank Blake said.
For the year, Home Depot’s profits dropped 49 percent to $2.26 billion ($1.34 per share), down from $4.4 billion ($2.37 per share). Full-year revenue dropped 8 percent to $71.29 billion.