Centex & Home Depot
Centex, one of the largest US homebuilders,
reported a Q4 loss of $911 million vs profit of $199 million, a year ago. For fiscal 2008 Centex lost $2.7 billion vs a $268 million profit in fiscal 2007.
Closings -33%; sales orders -15%; revenue -36%; CEO Tim Eller expects the outlook for a weak housing market to continue for the unforeseeable future.
Home Depot said in February that fourth-quarter profit fell 27% and forecast earnings below analysts' estimates.
Today, HD announced it will fire workers, close 15 stores and scrap plans for 50 more because the U.S. housing slump is crippling sales.
The world's biggest home-improvement retailer, announced it will reduce investments in new locations by about $1 billion over the next three years.
reported a Q4 loss of $911 million vs profit of $199 million, a year ago. For fiscal 2008 Centex lost $2.7 billion vs a $268 million profit in fiscal 2007.
Closings -33%; sales orders -15%; revenue -36%; CEO Tim Eller expects the outlook for a weak housing market to continue for the unforeseeable future.
Home Depot said in February that fourth-quarter profit fell 27% and forecast earnings below analysts' estimates.
Today, HD announced it will fire workers, close 15 stores and scrap plans for 50 more because the U.S. housing slump is crippling sales.
The world's biggest home-improvement retailer, announced it will reduce investments in new locations by about $1 billion over the next three years.
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