Home Depot stock drops after sales miss and lowered outlook, citing lumber deflation and bad weather

Posted on AllSides May 16th, 2023
From The Center

Shares of Home Depot Inc. HD, dropped 3.0% toward a seven-month low in premarket trading Tuesday, after the home improvement retail giant reported fiscal first-quarter profit that topped expectations but sales that fell short, and cut the full-year outlook., citing lumber deflation, reduced demand and unfavorable weather. Net income for the quarter to April 30fell to $3.87 billion, or $3.82 a share, from $4.32 billion, or $4.09 a share, in the year-ago period. That the FactSet consensus for earnings per share of $3.80. Sales declined 4.2% to $37.26 billion, well...

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https://marketwatch.com/story/home-depot-stock-drops-after-sales-miss-and-lowered-outlook-citing-lumber-deflation-and-bad-weather-86a19661

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