Home Depot Inc., the world's largest home-improvement retailer, cut its forecast for annual profit because of the sale of the HD Supply unit and the slump in the U.S. housing market.
Earnings per share will drop between 15 percent and 18 percent in the current fiscal year, the Atlanta-based company said today in a statement. Home Depot forecast a 9 percent per- share profit decline before announcing the sale last month of HD Supply, which contributed more than 10 percent of sales.
This should surprise no one.
