Home Depot Fiscal Fourth Quarter Net Income Drops

Atlanta–Fiscal fourth quarter net income at Home Depot Inc.–the largest U.S. home improvement retailer–declined 27 percent, Forbes.com reports.The Atlanta-based company’s net income fell from $925 million, or 46 cents a share, a year ago to $671 million, or 40 cents a share. Sales declined 4.7 percent, excluding an extra sales week factored into the results.Home Depot’s view of the coming year includes a predicted total sales decline of 4 or 5 percent and a drop in continuing operations earnings of 19 to 24 percent. In addition, the retailer only plans to open 55 new stores this year–half as many as it opened in 2007, according to Forbes.com.