LOW - Home Depot Shows It Is Weathering The Economic Turmoil Better Than Expected | Benzinga
On Tuesday, The Home Depot Inc (NYSE: HD) fiscal first-quarter earnings that surpassed estimates, while revenue fell short of analyst expectations. Home Depot’s latest results confirmed that high interest rates are forcing consumers to postpone major home projects. Its rival, Lowe’s Companies Inc (NYSE: LOW) scheduled its earnings call for May 21st. The home improvement rivalry between Lowe’s and Home Depot is expected to have intensified amid the consumer pullback.
First Quarter Highlights
During the first three months of the year, Home Depot reported revenue fell 2.3% YoY to $36.42 billion, below LSEG’s estimate of $36.66 billion as consumers spent less during their purchases and made fewer visits. Across its business, comparable sales dropped 2.8% while decreasing 3.2% in the U.S. alone. The quarter was also affected by a late start of spring. However, despite the ...