By Mark Clothier
Aug. 14 (Bloomberg) -- Home Depot Inc., the world's largest home-improvement retailer, said profit fell 15 percent and revenue dropped for the first time in four years after a U.S. housing slump reduced demand for appliances and remodeling.
The company also said today that it's evaluating market conditions in preparation to buy back as much as $22.5 billion in shares, adding a note of caution to its repurchase plans.
Home Depot repeated its forecast for annual profit to fall as much as 15 percent. The U.S. home-improvement market will ``remain soft,'' the company said today, as slowing home sales, rising mortgage rates and declining house prices make consumers hesitant to invest in new bathrooms or kitchen cabinets.
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