Posted AT 8:03 AM EST on 18/11/08
Weak housing market slashes Home Depot profit
ATLANTA — Home Depot Inc. said Tuesday its third quarter profit sank 31 per cent on slow sales at established locations as consumers continued to cut back on spending.
The company said the housing and home improvement markets remain challenging, and forecast a steeper drop in sales for the full year than previously expected.
However, the Atlanta-based home improvement retailer was able to best Wall Street's expectations.
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