Home Depot Expects Slower Profit Growth

Home Depot Inc. projected slower earnings growth for 2004 and cut its planned store openings, saying it would double spending to remodel existing stores.

Home Depot, which faces increased competition as Lowe’s Cos. expands, said per-share profit would rise 7% to 11% this year after the effects of an accounting change. Home Depot is forecasting a 9% to 12% increase in sales.

Home Depot shares fell 49 cents to $34.94 on the NYSE.