Home improvement retailer Home Depot Inc. reported a 15% fall in second-period profit as sales fell short of expectations amid the softer U.S. housing market.
The company still expects per-share profit to decline as much as 18% this year and reiterated that it was in talks that could lower the price or possibly derail the sale of its HD Supply wholesale business.
Earnings fell to US$1.59 billion, or $0.81 a share, in the second quarter ended on July 29, from $1.86 billion, or $0.90 a share, a year earlier..
Sales fell 1.8% to $22.18 billion. Sales at stores open at least a year fell 5.2%.