PHILADELPHIA (AP) -- 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 percent.
Chief Executive Robert Toll said in a conference call with analysts 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 areas such as Naples, Fla. and suburban Washington, D.C.
The Horsham, Pa.-based company lost $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.
According to Thomson Financial, Wall Street analysts expected a loss of 50 cents per share.
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