Housing Woes Hit Home Depot

The Home Depot Inc., the world's largest home improvement store chain, cited erratic weather and continued weakness in the housing market as it reported Tuesday a 29.5 per cent drop in first-quarter profit on a slight increase in sales.

The results fell short of Wall Street expectations.

The Atlanta-based company also said it now expects its full-year earnings per share growth to decline at the low end of the range it previously projected.

Home Depot said that for the three months ending April 29, it earned $1.05 billion (U.S.), or 53 cents a share, compared to a profit of $1.48 billion, or 70 cents a share, in the same period a year ago.

More here.

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