A continued anemic housing market has contributed to the sharp drop in 1st-quarter earnings for the world’s largest home improvement retailer.
The Home Depot reports a 66-percent dip in earnings for the three months ending in early May. Along with a housing slump, the company cites its own one-time charge in the quarter as factors for the sharp profit decline.
The Atlanta-based retailer says it earned 356-million dollars for the quarter, or 21 cents a share. It’s a steep drop compared to a year earlier when the company posted a profit of 1.06 billion dollars, or 53 cents a share.
Home Depot’s one-time charge for the quarter represents a plan to shrink future expansion, and close 15 of its flagship stores by July.
The Home Depot reports a 66-percent dip in earnings for the three months ending in early May. Along with a housing slump, the company cites its own one-time charge in the quarter as factors for the sharp profit decline.
The Atlanta-based retailer says it earned 356-million dollars for the quarter, or 21 cents a share. It’s a steep drop compared to a year earlier when the company posted a profit of 1.06 billion dollars, or 53 cents a share.
Home Depot’s one-time charge for the quarter represents a plan to shrink future expansion, and close 15 of its flagship stores by July.
Excluding the one-time charge, the company’s profits were 697-million dollars, or 41 cents a share, which beat Wall Street expectations.
