Home Depot CEO says no plans for job cuts

ATLANTA -- The Home Depot doesn't plan to make any broad-based job cuts or reduce the number of its core retail stores in the face of a persistent housing slump that isn't expected to improve anytime soon, Chief Executive Frank Blake said Friday.

Blake said the Atlanta-based company's focus on customer service means more employees, not fewer, will be needed.

"We're making investments, notwithstanding the downturn," Blake said.

While Home Depot said earlier this week it was closing its 11 Landscape Supply stores and in the past it has shut a number of its Expo design centers, Blake said there are no plans to close any of the company's more than 2,000 core retail stores.

Blake said Home Depot will look at opportunities in the future for more expansion overseas, though it doesn't have any current plans. He indicated Home Depot wasn't looking at Europe for expansion.

Blake said he recognizes with profits, sales and shares down, investors may be uneasy.

"I recognize that we're in a very tough market," Blake said. … "Don't expect our new store footprint to be a great growth engine going forward. Don't expect acquisitions to be a growth engine; we sold that business. What you should expect as an investor, we're going to invest in our core business."