Home Depot’s revenue fell short of Wall Street’s estimates in its fiscal fourth-quarter earnings report Tuesday amid a slowdown the home improvement category.
Here’s what Home Depot posted, compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
•Earnings per share: $3.30 vs. $3.28 expected
•Revenue: $35.83 billion vs. $35.97 billion expected
It’s the first time Home Depot missed Wall Street’s revenue expectations since November 2019, before the Covid pandemic. Shares of the company closed down more than 7% down Tuesday.
In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. The retailer’s reported net income of $3.36 billion, or $3.30 per share, was also 0.3% higher than the year ago period, which was $3.35 billion, or $3.21 per share.
The company attributed that solely to a drop in lumber costs, which had surged in price due to nationwide shortages in fiscal 2021 but are now down about 50% year over year.
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