Home-improvement retailer Home Depot Inc reported a 30-per-cent drop in first quarter profits on Tuesday due to a continuing slump in the US housing market, according to dpa. The Atlanta, Georgia-based company said net income fell to 1.05 billion dollars in the first quarter of 2007, from 1.48 billion dollars a year earlier. Revenue climbed 0.6 per cent to 21.6 billion dollars in the quarter. Chief executive Frank Blake warned that prospects for the company would "remain challenging" throughout the year as high housing prices have led to a drop in home sales over the past year. Sales at Home Depot stores fell 4.3 per cent in the quarter.
