Trouble at Home

The Home Depot (Atlanta) announced a nearly 20 percent drop in net income for the fourth quarter ending Jan. 28, 2001. Same-store sales were unchanged. However, the nation's largest home improvement retailer insisted that first quarter profits estimates will be met, although same-store sales are expected to continue flat or even drop.

Blaming declines in consumer spending and lumber prices, the company said it will cut back on its expansion plan for this year. It had announced last month a program of 225 new stores. In yesterday's announcement, Carol Tome, senior vp for finance, said the current plan is for 200 new stores.