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Tuesday, May 20, 2008
Home Depot Reports a 66% Drop in Profit
FOXBusiness
Home Depot (HD) posted a 66% drop in profit from a year ago as the home improvement giant continues to suffer in a post-housing bubble economy.
The company posted net income of $356 million, or 21 cents a share, down from $1.05 billion, or 53 cents a share, a year earlier. Excluding one-time charge of $543 million charge, the company earned 41 cents a share in the latest quarter.
Analysts interviewed by Thomson Reuters were expecting Home Depot to post earnings of 37 cents a share.
Chairman and Chief Executive Frank Blake said Tuesday the housing market “conditions worsened in many areas of the country” this year.
Shares of Home Depot closed Monday at $28.87 and slid 3% in recent in pre-market trading.
Home Depot and Lowe’s have seen their profits implode since mid 2007 after the subprime mortgage mess and housing market collapse last year. On Monday, Lowe's (LOW) CEO Robert A said 2008 will be "a challenging year on many fronts."
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