Home Depot reports 66 pct drop in first-quarter profit on housing weakness, one-time charge

[marmar]

AP, via Yahoo!:



Sustained slump in housing cuts into Home Depot 1Q
Tuesday May 20, 9:32 am ET
By Harry R. Weber, AP Business Writer
Home Depot reports 66 pct drop in first-quarter profit on housing weakness, one-time charge


ATLANTA (AP) -- The Home Depot Inc. reported a 66 percent drop in first-quarter profit Tuesday due to a large one-time charge and continued weakness in the housing market.

The company did not update its guidance for the year.

The results, excluding the charge, beat Wall Street expectations despite a decline in overall sales and sales at stores open at least a year.

Home Depot shares fell 87 cents, or 3 percent, to $28.00 at the open of trade.

The Atlanta-based company said it earned $356 million, or 21 cents a share, in the three months ending May 4, compared with a profit of $1.05 billion, or 53 cents a share, a year earlier.

Excluding a charge related to store closings and the shrinking of future store growth plans, Home Depot said it earned $697 million, or 41 cents a share.

Analysts were expecting earnings of 37 cents a share excluding one-time items. .....(more)

The complete piece is at: http://biz.yahoo.com/ap/080520/earns_home_depot.html

[madokie]

1. I'm in a perpetual remodeling project with ours and our sons place

we try to buy locally but when we go to the big box stores we shop at lowes. We've found them to be more in tune with our needs, more people friendly.

[yardwork]

2. The president of Home Depot was a Bush Ranger.

I think that the Republicans made it so easy for people to get loans as a way of ensuring that their buddies in the construction and home improvement industries would have good years and donate big bucks to their campaigns. Now that the chimps terms are over and done, the housing market can be allowed to collapse.

The Bush crime family got what they needed from the housing bubble. They don't give a damn about what happens now.

[Festivito]

3. Time to buy more plastic and duct tape again?

Ya never know when that Anthrax might return.

Oh, I forgot, they're proud of no attacks here for so long, and the Anthrax was home-grown from our own military infrastructure.

Never mind.

[aquart]

4. Last year, we split our time between Home Depot and Lowe's.

This year, we're doing nothing but survive.

[Javaman]

5. but but but paulson says everything is okay!!!! nt

[emperor124]

6. Home Depot's profits are down?

Aw, poor babies

[marions ghost]

7. Lowes lost significantly too

"As for Home Depot's quarterly numbers, Fassler said "these results corroborate assessments from Lowe's results yesterday -- the sector is bumping along the bottom, lagging housing turnover by several months."

Mooresville, N.C.-based Lowe's Cos. reported Monday a nearly 18 percent drop in first-quarter earnings. Lowe's lowered its guidance for the year."
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Not a good time for the home-based businesses.