Power Breakfast: Home Depot’s profit up, Dekalb job freeze, AirTran pilots, MySpace vs. Facebook, Thailand, oil

It looks like Home Depot will have some good news for shareholders when it holds its annual meeting at the Cobb Galleria on Thursday morning.

Sales at Home Depot’s existing U.S. stores rose for the first time in four years during the first quarter, the company said Tuesday. That’s an indicator that consumers are beginning to spend again on their houses, AJC reporter Rachel Tobin Ramos writes.

Home Depot also posted a 41 percent profit gain for the quarter and boosted its outlook for the year. It expects a 3.5 percent rise in sales, following last year’s 7.2 percent decline, Ramos reports.

Do-it-yourselfers, not professional contractors, are leading Home Depot’s sales turnaround as the housing construction and remodeling market continues its sluggish recovery.

“Our sales are an indication that the economy is recovering and the consumer is back,” Carol Tomé, the company’s chief financial officer, told Ramos. “Not back in a strong way, but back.”

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2 comments Add your comment

TnGelding

May 19th, 2010
9:29 am

Earnings for all companies are remarkable considering the number of unemployed. But I guess that saved payroll went to the bottom line. Good thing the feds kicked in that extra unemployment compensation. Now if we can just get the troops home before the stimulus peters out.

Rebecca Shepard

July 5th, 2010
9:17 pm

I can tell you why their profits are up. I use to be a Home Depot shopper then they screwed things up and I hated them. I became a Lowes shopper.

But then I visited one ( I still like their paint and fans ), and I was SHOCKED. Prices and selections are great and they fixed a lot of stuff I hated about them!!!

I had to buy a water heater this week. Lowes made it painful and Sears couldn’t get me one for almost a week or two. Mine was leaking. Home Depot came through with best process, great price and best warranty.

I hope they don’t screw the company up again. Someone is doing something right!