Home Depot Loses $54 Million

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.

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“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.

Read more here.

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