Home Depot's 2Q Profit Drops 24%

New York City The Home Depot Inc. reported a 24% drop in second-quarter profit on Tuesday.

The company said net income fell to $1.2 billion in the three months ended Aug. 3, from $1.59 billion a year earlier.

Sales fell 5.4% to $21 billion from $22.2 billion in the year-ago period. Same-store sales fell 7.9%.

"We continue to see pressure on our market and the consumer, generally," Home Depot's chairman and CEO Frank Blake said in a statement. Despite the weak economic climate, he noted that the company saw improved execution in its merchandising and operations initiatives during the past quarter.

To boost business, Home Depot has been trying to offer more locally relevant products in stores while focusing on the do-it-yourself customer and the small repair and remodeling professional.

About 70% of Home Depot's sales come from homeowners, while the rest come from professionals such as contractors, according to the company.

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