February 29, 2008
Sales tumble at luxury home builder Toll Brothers Inc.
PHILADELPHIA
Luxury-home builder Toll Brothers Inc. said Wednesday it swung to a loss in the first quarter as write-downs on properties it could no longer sell at a profit more than doubled and its sales tumbled 23 per cent.
Chief executive Robert Toll said in a statement that the selling season that started in mid-January has been “weak for the third year in a row,’’ but there were a few “glimmers of hope’’ in the Naples, Fla. and Washington, D.C., markets.
The Horsham, Pa.-based company lost US$96 million, or 61 cents per share, in the three months ended Jan. 31 compared with profit of $54.3 million, or 33 cents per share, a year earlier.
Associated Press
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