Home Depot surpasses expectations with declining earnings and sales

Home Depot reported slower earnings and weaker sales in the third quarter, but still managed to beat Wall Street analysts' forecasts. The company attributed the decline to a slowdown in the housing market and reduced spending on big-ticket items. However, it noted some strength in smaller improvement projects. Home Depot's revenue slipped 3% to $37.7 billion, slightly better than the forecast of $37.6 billion. Sales at stores open at least a year fell 3.1%, and the company expects a further drop of 3% to 4% in the coming months.