16 May 2007

Home Depot down 30% in first quarter

Housing market is a wreck for Home Depot profit - MarketWatch
Expect more of the same, CEO warns; hirings still continue
By Jennifer Waters & Angela Moore, MarketWatch
Last Update: 4:41 PM ET May 15, 2007

CHICAGO (MarketWatch) -- Home Depot Inc., still smarting from the faltering U.S. housing market and a host of operational issues, on Tuesday posted a 30% drop in quarterly profit and warned that earnings for the year will fall to the low end of projections.

"This was a difficult first quarter for us," Chief Executive Frank Blake conceded on a conference call with analysts. It was his first quarter as CEO, after assuming the position in January. "While we expected a tough quarter, this was worse than we anticipated."

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