Home Depot reports nearly 27 percent drop in 3Q profit

ATLANTA - The Home Depot Inc. reported Tuesday a 26.8 percent drop in third-quarter profits.



The nation's largest home improvement store chain said it earned $1.091 billion, or 60 cents a share, for the three months ending Oct. 28, compared with a profit of $1.49 billion, or 73 cents a share, for the same period a year ago.



Frank Blake, the Atlanta-based company's chairman and CEO, attributed the third-quarter drop in profit to the housing market.



``We are facing a tough environment as housing indicators continue to deteriorate. Our financial performance in the third quarter reflects these tough conditions,'' Blake said in a statement. ``But we are making significant improvements in our business and we will continue to invest thoughtfully for the long-term health of the company.''



The results matched Wall Street expectations, as analysts surveyed by Thomson Financial were expecting earnings of 60 cents a share.



Revenue in the quarter dropped 3.5 percent to $18.96 billion, compared with $19.65 billion the same period a year ago.