Home Depot misses revenue expectations for the first time since 2019
Publishing timestamp: 2023-02-21 16:05:15
Summary
Home Depot missed Wall Street's revenue expectations for the first time since November 2019 and provided a muted outlook for fiscal 2023. The company attributed the flat outlook to a tougher consumer backdrop and pivot away from goods toward services. Shares of the company closed down more than 7% on Tuesday. The company reported $35.83 billion in sales, up 0.3% from the year ago period, and net income of $3.36 billion, or $3.30 per share. Home Depot expects sales and comparable sales to be approximately flat for the new fiscal year and projects an operating margin rate of about 14.5%. Analysts have attributed the slowdown to record levels of inflation, shift in consumer behavior, and a housing market slowdown.
Sentiment: NEGATIVE
Tickers: HD,
Keywords: earnings, business, breaking news: earnings, economic events, retail industry, home depot inc, breaking news: business, business news,
Source: https://www.cnbc.com/2023/02/21/home-depot-hd-q4-earnings-2022.html