In this article
Home Depot
on Tuesday cut its full-year profit forecast and missed Wall Street’s earnings expectations for the third straight quarter as it saw weaker home improvement demand, tepid consumer spending and lower than usual storm activity.
The retailer said it now expects full-year sales will climb about 3% and comparable sales, which take out the impact of one-time factors like store openings and calendar differences, to be slightly positive. That compares to its previous expectations for full-year sales to grow by 2.8% and comparable sales to increase by 1%.
The revised outlook includes an estimated $2 billion in incremental revenue from GMS, a building-products distributor that Home Depot acquired earlier this year. The company’s sales were not part of its previous full-year guidance.
