The Home Depot Reports 1Q Profit Drop
May 20, 2008
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The Home Depot is reporting a 66% drop in first-quarter profit due to a large one-time charge and continued weakness in the housing market. The company says it earned $356 million, or $0.21 a share, in the three months ending May 4, compared to a profit of $1.05 billion, or $0.53 a share, a year earlier. Excluding a charge related to store closings and the shrinking of future store growth plans, Home Depot says it earned $697 million, or $0.41 a share. Revenue in the quarter fell 3.4% to $17.91 billion.

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