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Tuesday, May 15, 2007

Housing Hits Home Depot

by Calculated Risk on 5/15/2007 09:44:00 AM

From MarketWatch: Home Depot's net falls 30%; housing hurts

Home Depot Inc. on Tuesday reported a 30% drop in quarterly profit, blaming the faltering U.S. housing market as well as unusual weather, and forecast a weak home-improvement market for the rest of the year.
"The housing market continues to be a challenge, and erratic weather conditions across the United States negatively affected our spring selling season," said Frank Blake, Home Depot's chairman and chief executive ...

"We believe the home-improvement market will remain soft throughout 2007," said Blake.