Home Depot And Lowe’s Report Lower Quarterly Earnings

Still feeling the effects of the housing slump, the nation’s two largest home improvement retailers reported lower earnings and profits for the first quarter of 2007.

The Home Depot Inc., Atlanta, reported a 29.5 percent drop in first-quarter profit. Home Depot said that for the three months ended April 29, it earned $1.05 billion, compared with a profit of $1.48 billion in the same period a year ago.

The company also said it has no comment on its plans for its HD Supply unit.

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