Home Depot Profit Drops 29.5 Percent

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 percent drop in first-quarter profit on a slight increase in sales.

The results fell short of Wall Street expectations, and Home Depot's shares slipped $1.50, or 3.9 percent, to $37.51 in pre-market activity.

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.

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- Posted: 2007-05-15 09:53:25

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