The Home Depot, the world's largest home improvement retailer, has reported a fiscal 2008 Q4 consolidated net loss of $54m.
These results reflect a pre-tax business rationalisation charge of $387m, a pre-tax write-down of the company's investment in HD Supply of $163m, as well as a loss from discontinued operations of $52m, net of tax.

The business rationalisation charge refers to the action the company took in the fourth quarter to exit its EXPO, THD Design Center, YardBIRDS and HD Bath businesses and reduce support staff functions.

Sales for Q4 totaled $14.6bn, a 17.3% decrease from Q4 of 2007. The Q4 of 2008 consisted of 13 weeks compared with 14 weeks of sales in the fourth quarter of fiscal 2007.
Excluding the additional week in 2007, sales declined by 12% from the fourth quarter of fiscal 2007.

Comparable store sales for Q4 were down 13% and were negatively impacted by the calendar shift in 2008.

Excluding the calendar shift, comparable store sales were down 11.5%

Like-for-like comparable store sales for U.S. stores were down 9.2%

"Despite the difficult economic conditions, the company made important progress in key areas," said Frank Blake, chairman and chief executive officer.

"We improved customer service ratings, as measured by customer surveys and third parties. We maintained sound inventory control, reducing inventory by over $1bn while achieving the best in-stock rate we have had for several years.

"We launched an effective new lower price campaign. And we made strategic business decisions, exiting non-core businesses and significantly reducing square footage growth, which will better position us for the future. The hard work and dedication of our associates made these accomplishments possible.

"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."