Home Depot will tell attendees at its annual investor and analyst conference that it does not expect a recovery in residential construction and the overall housing market until late this year or early next.

The company issued a press release early Wednesday morning. It outlined its financial targets for 2007, which include:

  • Total sales growth of 0 percent to 2 percent, with HD Supply growing from 13 percent of total sales to approximately 15 percent of total sales by the end of the year.
  • Retail comps in the negative mid-single-digit area.
  • Approximately 115 new store openings; 4.6 percent square footage growth.
  • Diluted earnings per share decline of 4 percent to 9 percent.
  • Capital expenditures to increase 29 percent to $4.5 billion, focused on new stores and retail reinvestment.