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Tuesday, July 10, 2007

Home Depot Cuts Forecast on Housing Market

The housing market woes are just getting started...

" Home Depot Inc., the world's largest home-improvement retailer, cut its forecast for annual profit after the U.S. housing slump deepened and the company sold its contractor-supplies unit. "

The impact on Home Depot is not insignificant.

" Earnings per share will drop 15 percent to 18 percent in the year through Feb. 3, Atlanta-based Home Depot said today in a statement. "

Neither will be the impact on the U.S. economy as a whole.

Source: Home Depot Cuts Forecast on Housing Market, Unit Sale (Update3) (http://www.bloomberg.com/apps/news?pid=20601010&sid=aJKcrK3ujxSY&refer=news)