Sales Drop of 2% Trips Up HomeBase Stock
<i> Associated Press</i>
HomeBase Inc.’s stock slumped Thursday, a day after the Irvine-based home-improvement chain posted higher operating profits for its third-quarter ended Oct. 31, but recorded a 2% drop in sales.
HomeBase blamed falling lumber prices and said the year-ago period benefited from El Nino-related sales.
The shares fell nearly 15%, or $1.13, to $6.50 on volume of 489,700, more than triple the average daily volume over the last three months.
