How Bad is CA and FL?
From the HomeDepot Conference Call:
Fourth quarter sales in the North American Retail Division were down 3% at $1.7 billion. Comparable store sales in the 1,158 stores in the U.S. and Canada that have been open for more than one year decreased 7% for the fourth quarter. Results continue to be negatively impacted by difficult housing-related economic conditions in key markets, particularly Florida and California. Combined, these two states represented 26% of total store sales and about 40% of the total comparable sales decrease in the fourth quarter. This economic weakness has spread to other U.S. retail markets with housing issues, creating additional pressure on sales and margins.
CA and FL only 26% of sales but 40% of comparable sales decrease.
Anyone want to do the math on that one?