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Housing Woes Hit Home Depot

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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.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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