Home Depot cuts forecasts


Home Depot (NYSE: HD) cut its annual forecasts for revenue [subscription required], same-store sales, and earnings. The company said that it now expects 2007 fiscal year earnings to fall 15%. Same-store sales should fall in the single digits and revenue will be off as much as 2%.

The company also said it would launch a tender offer for 250 million shares.

The huge home improvement retailer has now gone a long way to prove that Bob Nardelli, its former CEO who was so unpopular with investors, had very little, if anything, to do with the company's poor fortunes.

Nardelli may have been arrogant and too well-paid, but it was high oil prices and a damaged housing market that killed HD's stock.

Douglas A. Mcintyre is a partner at 24/7 Wall St.

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