Home Depot Profit Off 66%
June 2, 2008,
A $543 million charge sent Home Depot's first-quarter net income plummeting by 66% to $356 million, or 21 cents per share.
Sales for the quarter ended May 4 fell 3.4% to $17.91 billion, with comps down 6.5%.
"The housing and home improvement markets remained difficult in the first quarter; in fact, conditions worsened in many areas of the country," said ceo Frank Blake.