Home Depot (HD) earnings Q1 2023


Home Depot on Tuesday reported its biggest revenue miss in more than 20 years and lowered its forecast for this year, as consumers delay large projects and buy fewer big-ticket items like patio sets and grills.

The home improvement retailer said cold weather and falling lumber prices also hurt fiscal first-quarter sales. Its last quarterly miss of this magnitude was in November 2002.

The company’s shares fell about 3% in premarket trading.

Home Depot said it now expects sales and comparable sales to decline between 2% and 5% for the fiscal year. It had previously predicted roughly flat sales for the period. Its operating margin rate is also expected to come in lower for the year, in a range…

Source cnbc.com

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