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Home Depot Inc.'s third-quarter earnings fell 8.9 per cent as the housing and renovation markets in the U.S. remained weak. (Associated Press)Home Depot Inc.'s earnings fell 8.9 per cent in the latest quarter as recession-hit consumers in the U.S. continued to back off on do-it-yourself projects.
The Atlanta-based hardware chain, which prospered in the go-go years of home renovation and home building, said the average checkout receipt eased to $51.89 US in the third quarter, down 7.1 per cent from a year ago.
On Monday, Home Depot's smaller rival Lowe's Cos. reported third-quarter profit fell 30 per cent, while sales declined three per cent.
Both hardware chains say some of the hardest-hit home markets are stabilizing and they expect this year's fourth quarter to be stronger than last year's.
Although the U.S. housing market is stabilizing after a nearly three-year decline, home prices remain far below their peak.
With files from The Associated PressShare Tools
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