Luxury homebuilder Toll Brothers Inc. said Tuesday its revenue dropped 41 percent in its fiscal fourth quarter as demand and home shopper traffic in October fell to “record lows.”
Chief Executive Robert Toll said the preliminary signs of stability in the market he discussed in early September were reversed by the financial crisis. Fears of job losses, a large decline in consumer spending, plummeting stock markets “all contributed to drive our cancellations up” 30 percent.
Toll said preliminary home-building revenue declined to $691 million in the three months ended Oct. 31 from $1.17 billion, while backlog dropped 54 percent to $1.33 billion from $2.85 billion.
Net signed contracts for the quarter also slid 27 percent to $266.7 million from $365.3 million.
Toll Brothers plans to release full results for the quarter on Dec. 4.
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