Wolseley profit drops 22.1% due to U.S. housing market

British building materials distributor Wolseley plc's annual profit dropped 22.1% to $1.37 billion amid the weak housing market in the U.S., compared to last year's profit of $1.71 billion. The company might sell its American Stock Building Supply division, which was a main contributor to the loss. "We have continued to take action to reduce costs and drive working capital improvements, in response to challenging market conditions," Wolseley CEO Chip Hornsby said.

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