Home Depot sees 66% drop in Q1 profits

05/21/2008 | Los Angeles Times (tiered subscription model)

Home improvement retailer Home Depot Inc. has said its first-quarter profits plunged by two-thirds as the collapse of the U.S. housing market continued to take its toll. Profits For the full year could be down as much as 24%, the company said. Results were further hurt by a charge of $543 million related to the company's earlier decision to close 15 existing stores and abandon plans for 50 new locations.

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