HomeBase Says Quarterly Profit Will Be Off Mark

HomeBase Inc.: The Irvine operator of home improvement warehouse stores said that second-quarter profits and same-store sales won’t meet expectations. The 87-store chain said it earned 22 cents to 24 cents a share, or about $8.7 million, in the period ended July 31, compared with a 32-cents-a-share profit, or $14.7 million, in the same year-earlier period. Same-store sales--a key measure of growth--will be up about 2% as expected, with total sales rising about 7%. Allan Sherman, president and chief executive, said the company’s new sales strategies are working, although not yet at the pace initially anticipated. Second-quarter results are due out Aug. 17.