Home Depot Cuts Sales Forecast


{ Home Depot Cuts Sales Forecast – Stock Market News } … Home Depot Inc. lowered its sales forecast as the company warned that rising material costs as well as the potential effects of tariffs on U.S. consumers could weigh on growth.

The home-improvement retailer said fiscal 2019 sales growth would increase by 2.3%, down from its previous guidance of 3.3%. Same-store sales are projected to grow by about 4%, 1 percentage point lower than its previous forecast. The company affirmed its earnings guidance.


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Despite positive signs of a stable housing market, lumber-price deflation is expected to negatively affect sales growth, the company said.

Overall sales rose 1.2% for the quarter to $30.84 billion from a year ago. Analysts projected sales of $31 billion, according to FactSet.

HOMEDEPORT

The number of customer transactions was flat from a year ago while average ticket prices, or the amount of money customers spent per visit, rose 1.7%. Same-store sales—a common metric in retail based on revenue at stores open at least one year—rose 3%. Analysts expected a 3.3% rise.



Home Depot said second-quarters earnings were $3.48 billion, or $3.17 a share, down from $3.51 billion, or $3.05 a share, a year earlier, primarily due to higher expenses. Expenses rose 1.3% in the quarter. Analysts projected earnings of $3.09 a share.

Shares of Home Depot rose 0.8% premarket on low trading volumes.




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Home Depot Inc – Company Profile:
The Home Depot, Inc. is a home improvement retailer. The Company sells an assortment of building materials, home improvement products, and lawn and garden products, and provides various services. The Home Depot stores serves three primary customer groups: do-it-yourself (DIY) customers, do-it-for-me (DIFM) customers and professional customers. Its DIY customers are home owners purchasing products and completing their own projects and installations.

The Company assists these customers with specific product and installation questions both in its stores and through online resources and other media designed to provide product and project knowledge. Its DIFM customers are home owners purchasing materials themselves and hiring third parties to complete the project or installation. Professional Customers are primarily professional renovators/remodelers, general contractors, repairmen, installers, small business owners and tradesmen.



 

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