US retailers report profit falls

The slumping housing market has seen sales slide at Home Depot

Some of the US's best-known retailers have reported slumps in profits for the three months to the end of January, as the recession begins to bite.

Target said profits were down by 41% as customers cut back on more expensive clothes and furniture, while more fell behind on store card payments.

Macy's said profits were almost 59% down owing to costs of closing regional offices and shops, and weak sales.

And closing some of its small brands took Home Depot to a $54m (