New store openings in North America have been cut from 150 to125 for 2007, and from 200 to 150 for 2008 to maintain the bottomline, said Chuck Rubin, president of North American retail.
"We believe we continue to have significant opportunity toexpand our business, and we remain committed to expansion inexisting markets," Rubin said. "We believe we are doing the rightthings for the long term."
Net earnings for the quarter were $109 million, down from $118million in the same quarter last year. Total company sales were$3.6 billion, up 4% from the second quarter of 2006. North Americancomparable-store sales dropped 5%. The housing slump has affectedfurniture sales, and small and home-based businesses are cuttingback purchases to ride out a slow economy, the chain said.
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