2023-05-16 06:50:38 ET
Home Depot ( NYSE: HD ) fell in early trading on Tuesday after reporting a mixed Q1 earnings report .
Comparable sales fell 4.6% during the quarter to miss the consensus expectation for a drop of 2.1%. Home Depot ( HD ) execs pointed to extreme weather in California that disproportionately impacted results and lumber deflation as negative factors during the quarter. Broad-based pressure across the business that impacted results was also observed.
Average ticket rose 0.2% year-over-year during the quarter to $91.92 and sales per retail square foot fell 4.7% tp $592.94.
Operating income was down 6.4% during Q1 to $5.55B. Net earnings fell 8.5% to $3.87B. EPS came in at $3.82 vs. $4.11 a year ago and $3.79 consensus.
Looking ahead, the home improvement retailer sees full-year comparable sales down 2% to 5% and EPS down 7% to 13% vs. a prior expectation of down at a mid single-digit rate. Home Depot ( HD ) warned on uncertainty with consumer demand in setting its forecast.
Shares of Home Depot fell 4.68% in premarket trading to $275.45. Rival Lowe's ( LOW ) peeled off 3.00% in early trading.
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Home Depot falls after comparable sales miss, light guidance