The Home Depot reported fiscal 2007 second quarter consolidated net earnings of $1.6 billion compared with $1.9 billion in the same period in fiscal 2006.
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Sales for the second quarter totaled $22.2 billion, a 1.8% decrease from the second quarter of fiscal 2006, reflecting negative comparable store sales of 5.2%, offset in part by sales from new stores.

In a conference call, Home Depot reported sales for HD Supply were down 7% overall, with organic sales down 10%.
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While the challenging housing market continues to present us with a tough selling environment, our financial performance was in line with our expectations,” said CEO Frank Blake.

“… We believe the housing and home improvement markets will remain soft into 2008; we will …