Headlines

Slowing Housing Market Impacts Home Depot’s Profits

Lowe’s shares also impacted by forecast

Published

6 years ago

February 26, 2019

kmpeyton

Home Depot (Atlanta) has released its earnings forecast, which was well below Wall Street’s estimates, following less-than-expected quarterly sales.

The retailer’s quarterly sales rose 11 percent, to $26.49 billion, but failed to meet its $26.57 billion estimate. Analysts point to a slowing housing market and wet weather as the cause. Home Depot expects same-store sales to rise 5 percent this year, above the 4.45 percent increase analysts expect, according to Reuters.

Like Home Depot’s 3 percent decline in early trade, Lowe’s (Mooresville, N.C.) earnings were similarly impacted with a 2 percent decline.

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