Home Depot absorbs sharp 1st-Q hit

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.

Excluding the one-time charge, the company’s profits were 697-million dollars, or 41 cents a share, which beat Wall Street expectations.

Home Depot absorbs big hit in 4th quarter earnings

The world’s largest home improvement store chain this morning announced a huge hit to its fourth quarter profits. Atlanta-based The Home Depot says its profits for the three months ending February 3rd fell more than 27-percent in the midst of a nationwide housing slump. Home Depot says it earned 671-million dollars, compared to a profit of 925 million for the same period a year earlier. Sales at Home Depot stores fell over eight-percent for the quarter.

Illegal immigrants leaving Georgia?

Anecdotal evidence suggests that illegal immigrants are leaving Georgia. Advocates who work with the immigrant community say businesses that cater to Hispanics have seen a notable decline in business. Traffic in communities where immigrants live is lighter.

Georgia’s tough new immigration law could be a reason. However drought and a slumping economy could also be a cause. Georgia’s historic drought has dried up landscaping and agriculture businesses. The housing slump has put a damper on the construction industry. Both are seen as traditionally friendly to immigrants.