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Quarterly earnings fall 15% at Home Depot

August 15, 2007|From Reuters

Home Depot Inc. reported a 15% drop in fiscal second-quarter profit Tuesday as sales fell for the first time in more than four years amid a softer housing market.

Net income dropped to $1.6 billion, or 81 cents a share, in the quarter ended July 29 from $1.9 billion, or 90 cents, a year earlier.

Sales fell 1.8% to $22.18 billion.

Sales at Home Depot and rival Lowe's Cos. have been hurt in the last year by slowing home sales, falling home prices and higher borrowing costs.

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