Home Depot profit falls, but beats Street view

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ATLANTA (Reuters) - Home Depot Inc reported a 31 percent drop in quarterly profit on Tuesday as consumers put off big-ticket projects amid a deepening economic crisis.

While the profit was higher than expected, the world's largest home improvement retailer said it expected a steeper drop in full-year sales than it had previously forecast.

Earnings fell to $756 million, or 45 cents a share, for the third quarter ended on November 2, from $1.1 billion, or 60 cents a share, a year earlier.

Analysts expected 39 cents a share, according to Reuters Estimates.

Sales fell 6 percent to $17.8 billion. Sales at stores open at least a year, an important retail measure, fell 8.3 percent.

Home Depot has posted quarterly profit declines for the past two years as falling home values and tighter credit led consumers to put off big-ticket projects such as kitchen remodels. But sales of some basic repair goods have held up as consumers maintain their homes.

On Monday, Lowe's Cos reported a higher-than-expected quarterly profit, aided by sales of hurricane-related goods and outdoor products. Still, it was the fifth straight quarterly earnings decline for the company.

Home Depot said it expected sales to fall as much as 8 percent this year, steeper than the 5 percent drop it forecast in August. It said it still expected per-share profit from continuing operations to fall as much as 24 percent this year.

Shares of Home Depot were up 50 cents, or 2.5 percent, at $20.50 in light trading before the market opened.

(Reporting by Karen Jacobs; Editing by Lisa Von Ahn)

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