by Calculated Risk on 5/01/2008 09:43:00 AM

Press Release: The Home Depot Updates Square Footage Growth Plans

The Company has determined that it will no longer pursue the opening of approximately 50 U.S. stores that have been in its new store pipeline ...

Aggregate new store capital spending will be reduced by approximately $1 billion over the next three years ...

The Company reiterated that its total capital spending for the current fiscal year is projected to be approximately $2.3 billion, down from $3.6 billion last year.

The Company also announced that [it] will close 15 underperforming U.S. stores that do not meet the Company's targeted returns.

Of course Home Depot is being hit hard by the slump in home improvement spending, but this is another company significantly reducing capital spending.