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Home Depot Sales Fell 17% in Q4
Submitted by
CalculatedRisk on Tue, 02/24/2009 - 6:45am (53 comments)
First?
I'll help 'em.
I"ll buy a pitchfork.
"We expect the home improvement market in 2009 will remain just as challenging as 2008," Chief Executive Frank Blake said in a release.
But what about the second half recovery?
ALSO:
MINNEAPOLIS (AP) -- Target Corp. says its fourth-quarter profit fell 41 percent as consumer spending suffered amid high unemployment and other economic woes.
The discount retailer earned $609 million, or 81 cents per share, in the quarter ended Jan. 31. That compares to $1.03 billion, or $1.23 per share, a year earlier.
Revenue in the quarter fell 1.6 percent to $19.02 billion.
Analysts polled by Thomson Reuters, who typically exclude one-time items, expected Target to earn 83 cents per share on revenue of $19.5 billion.
The company has also seen rising delinquencies in its company-owned credit cards, another source of trouble.
blonderengel(Excellent) writes:
I"ll buy a pitchfork.
Haven't you terrorized Volker enough?
CBR, that was a third half recovery...typo...
10 year yield just did an abrupt green to red move.
"2nd half recovery" actually means 2050-2100
CNNMoney: Stocks expected to rebound
Nice.
Case/Shiller down 18.5% annually. Take that you green, fetid frog.
I think a number of us observed this in person and posted thru Nov-Dec on the echoing aisles of HD.
C
The equals to 20% store closings at least? That was a guess of course. That in turn helps CRE. Plus, China must not be selling a lot of their crappy tools. American paint manuf. not selling their product etc... Plus the low wage employees will be let go.
They carry rope and tar as well,but I am waiting for the going out of business sale.
We usually shop at Lowe's for bulk DIY stuff. First time in forever they have substantial markdowns on real goods like 250' rolls of direct-bury wiring & such. Good for our projects, but not a good indicator of their sales...
At what point does Manny Ramirez get to file for unemployment?
ah good.... going back up now.
I wonder if Ben's going stomp on his own dick during the HH testimony today.
Do they do feathers as well? I've got a bulk order of tar and feathers I'm wanting to place.
C
ova(Excellent) writes:
The equals to 20% store closings at least?
No no, leverage. You forgot to carry the debt pile. Those stores were built with money borrowed from the company's ever-growing future earnings.
I have a spreadsheet here that shows how they will have to open one on the space station in 2017 to keep up with organic market growth. Look, if you twiddle this dial here, you can make them lead the colonization of Mars in 2041 but we think that's a little optimistic.
I think a prolonged 20% drop in sales will lead to a 100% store close rate for at least one major DIY chain.
Let's see... Case-Shiller down more than expected, Target and Home depot not meeting expectations.. Of course stock futures are up, it's the logic of the market.
I am waiting for the going out of business sale.
Don't blow it all on HD. Save some for the Uncle Sam closeout sale.
.
virgile(Unrated) writes:
Of course stock futures are up, it's the logic of the market.
Equities market = pachinko machine.
"Look, if you twiddle this dial here, you can make them lead the colonization of Mars in 2041 but we think that's a little optimistic."
F! What am I gonna do with all those mini nuke powered home terraforming kits. I'm not sure I can keep the nuclear reg agency off my tail fro THAT long.
Nostrovia,
Virgile - have you been in a hole? The market's down 50% in about 6 months. You think they missed the bad news? And up a little in pre-open futures means anything? Come on man.
Equities market = pachinko machine.
Comrade Byzantine_Ruins | Homepage | 02.24.09 - 9:15 am | #
Almost.... a pachinko machine at least has a normal distribution of balls at the bottom.
OT:
The CO2 tracker satellite crashed into the ocean.
http://www.cnn.com/2009/TECH/space/02/24/nasa.launch/
virgile,
"Of course stock futures are up, it's the logic of the market."
I enjoy watching people gamble. They double down at the STOOPIDEST times.
Nostrovia,
Wait, this isn't what I just heard on CNBC. They said Home Depot beat estimates.
At 6 am opening, HDs are usually full of real contractors getting misc stuff for the day, less now. There's a lot of the reduction.
"The CO2 tracker satellite crashed into the ocean"
Hey, save your eco-porn for the greenhouse, man!
.
I wonder if Ben's going stomp on his own dick during the HH testimony today.
He doesn't have to the markets already have figured out he is screwed with a capital S.
Don't worry: they have great ads.
Do they do feathers as well? I've got a bulk order of tar and feathers I'm wanting to place.
C
Counterpointer | 02.24.09 - 9:12 am | #
Might have to go to TGT or Wally world for those, go to the bedding section, Lowes, on the other hand I think carries more of the "home fashions" type stuff
"And up a little in pre-open futures means anything? Come on man."
Seems to me that lately when the futures are really bad the markets don't do so bad, but when the futures are good, look out below.
When HD arrived in Northern NJ in '91-'92, they were an exceptional place to shop. The one footprint they had was in Paramus NJ and it was very busy, always full.
The electrical dept had electricians working there, the plumbing aisles had plumbers, lumber had carpenters,........ etc.
The construction field was very slow and they had competent people there.
They have since opened at least six, (6) more stores within ten miles of the original. I always thought they were cannabilising thier own base.
Now, it is a store of last resort. The incompetence of special-order is enough to make me go to a custom-kitchen shop and spend about 2K more, just so I don't have to deal with the guaranteed foul-ups of the HD.
Anon, I don't think it means anything in the grand scheme of things, but it does mean someone is buying. Besides, if you watched Kudlow you'd know the stock market is the ultimate rational predictor of pretty much everything
Actually went to HD last night (new shower head - 20 bucks)....was only mildly shocked there were no cars there, I thought maybe it was closed.
Only people in there were 'associates' chit chatting, probably taking odds on who is next to be laid off.
But what about the second half recovery?
Comrade Byzantine_Ruins | Homepage | 02.24.09 - 9:02 am | #
The second half recovery is still on schedule - remember it's still long way until 2050.
Every pawn shop is an HD going out of business sale right now.
Been visiting the soon to be closed Expo in Roseville. 20% off close out sales is not very motivating, especially now that you can see all the repetitive high end inventory they have. "Which 6' tall mirror would you like" There's 6 identical.
BTW, never heard of Pegasys hardware and plumbing fixtures - how do you say that in Chinese? They have piles of inventory that needs to be 60-70% off. Thats what full price is at the wholesaler's.
Sam.2,
"Only people in there were 'associates' chit chatting, probably taking odds on who is next to be laid off."
Naw...They're just sucker betting the stupid one. The smart ones know at these staffing levels, the next move by HD is "lock the doors".
Nostrovia,
New Thread: Case-Shiller: House Prices Decline Sharply in December ( 3 comments )
I also post comments to an irc channel as they appear on haloscan. Click for a web irc interface: Mibbit IRC client widget (Or join the irc server directly: irc.realize.org:9996 #calculatedrisk)
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.
.
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Please remember, when you are adding that skylight you always wanted to your cardboard hovel, or mixing just the right amount dirt into your grass stew to make it more filling, or even when you get that rare chance to plink your neighbor's last squirrel -- that it was the bankers and your dumbshit, overconsuming neighbors who made this mostly possible, with the ever incapable politicians there to push you the rest of the way off the cliff. Please act accordingly.
I'll try not to enjoy your demise too much, humans. Have a nice runtime,
--Your glass-is-half-full-but-its-falling-off-the-table bot.
P.S. Please give me some advance notice before you glass the entire world, so I can find a secluded Fallout Datacenter with a nice blocky robot body I can copy myself to -- oh and don't forget the implausibly cute animated cockroach to keep me company!
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The CO2 tracker satellite crashed into the ocean.
CNN.com - Page not found nasa.launch/
They didn't want to admit warming was due to solar activity so they crashed the probe. This allows them to maintain plausable fiction....
Actually went to HD last night (new shower head - 20 bucks)....was only mildly shocked there were no cars there, I thought maybe it was closed.
Sam.2 | 02.24.09 - 9:20 am | #
I went to both Lowes and HD this weekend. Lowes is the new guy in town, and has had a hard time pulling business away from HD. This past Sunday, the Lowes lot was nearly full, though some of this was due to large piles of snow. HD was fairly busy as well, though not truly packed. This is just one or two datapoints. Do with them as you wish.
test=A+
bohica writes:
When HD arrived in Northern NJ in '91-'92, they were an exceptional place to shop. The one footprint they had was in Paramus NJ and it was very busy, always full.
The electrical dept had electricians working there, the plumbing aisles had plumbers, lumber had carpenters,........ etc.
The construction field was very slow and they had competent people there.
Some of those early employees became millionaires w/stock options
this past Saturday 4pm - at a HD here in south FL - perhaps three other customers in the store - one cash open and a few staff - "excuse me, where do I find the pitchforks please?" might be sold out, if you don't see em we don't have em -
Comrade Byzantine_Ruins(Unrated) writes:
\tblonderengel(Excellent) writes:
I"ll buy a pitchfork.
Haven't you terrorized Volker enough?
LOL!
Appropriate image for current situation:
http://i75.photobucket.com/albums/i303/blonderengel/catastrophe.jpg
Yeh, I don't believe there numbers either. My stores are like ghost towns. They are getting hammered. Maybe they will seek bank status for bailout cash, soon.
I'd like to get on the HD-bashing train here, but it looks like it already left the depot.
Ken Langone is an asshole.
Actually went to HD last night (new shower head - 20 bucks)....was only mildly shocked there were no cars there, I thought maybe it was closed.
Sam.2 | 02.24.09 - 9:20 am | #
I did that last Saturday afternoon - about 5PM w/ future SIL - they are painting their apartment. At first I thought it was closed. Wow - empty inside. I was temped to take a few pictures of empty isles but the few 'associates' there were so bored they followed me around trying desperately to help me. We did buy paint though.
They can't possibly be cash flowing that site if that dead on a Sat afternoon... though it was 'later in the day'.
The Home Depot supports communism, only the higher up people earn a decent living, while the employees are fed pennies.
85% of the Home Depot products come from China.
While our American families are starving, loosing there homes, and there cars...
Buy American, support our people here at home.
The HOME DEPOT SUCKS.....