CEO Home Depot Won't Quit Installation Business-stonecontact.com

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CEO: Home Depot Won't Quit Installation Business
Unknown Jun 09,2008AP
Atlanta, GA, June 5, 2008--ATLANTA (AP) -- Home Depot's CEO doesn't expect the company's home installation unit to grow, but he said there are no plans to exit the struggling business. CEO Frank Blake made the comments today during the Atlanta-based company's annual investor and analyst conference. Home Depot has faced complaints from customers about the quality of work of contractors that are hired to do home installation of kitchen appliances, flooring and other items. Blake said the company's business plan involves helping customers. Home Depot and other home centers have been hit hard by the slumping housing market. In May, it reported a 66 percent drop in first-quarter profit. The company forecasts an overall decline in sales this year. "As far as the economy goes, we've never faced anything like [what] we are facing today. ... It really is the worst of times," CFO Carol Tomé said. The company said it plans to open more rapid deployment centers that enable it to speed up product flow to stores and lower distribution costs. The retailer also said that it has three of these centers already and expects to complete the roll-out of others by 2010. The centers will lead to improved inventory turnover and better in-stock levels in stores, it said.

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