Categories Retail, U.S. Markets News

Home Depot’s stock sees a dip after providing preliminary FY2020 guidance

Shares of The Home Depot (NYSE: HD) remained down 1.8% in morning hours on Wednesday after the company provided a preliminary outlook for fiscal year 2020 that was lower than what analysts had predicted.

The company reaffirmed its guidance for fiscal year 2019 and continues to expect total sales growth of approx. 1.8% and comparable sales growth of approx. 3.5%. Diluted EPS is expected to grow around 3.1% to $10.03.

Home Depot reports Q3 2019 earnings results

Home Depot provided a preliminary fiscal year 2020 outlook which outlines total sales growth of approx. 3.5-4%. Based on data from CNBC, analysts were expecting sales growth of 4.3%. Comparable sales growth is expected to be approx. 3.5-4%.

The retailer also touched upon its One Home Depot strategy which includes investments in store enhancements, new e-commerce solutions, and delivery options. The company said it was building on its distinct competitive advantages to capitalize on a large and fragmented market opportunity and expand its leadership position for years to come.

For its most recent quarter, Home Depot reported better-than-expected earnings but missed revenue estimates. Net sales rose 3.5% to $27.2 billion while EPS grew 0.8% to $2.53. Comparable sales rose 3.6%.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

IPO Alert: Here’s what to look for when CaliberCos goes public

The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is

CarMax (KMX) Stock: Does the current dip offer a buying opportunity?

The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with

Ultimax Digital gears up for $10mln IPO. Here’s all you need to know

The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top