Sales at stores open at least a year, a key indicator of a retailer’s health, dropped 4.5%.
Cars are parked at a Home Depot in Philadelphia, on Sept. 21, 2022. After years of explosive growth during the pandemic, Home Depot's revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year, sending shares skidding before the opening bell Tuesday May 16, 2023.
For the three months ended April 30, revenue dropped to $37.26 billion from last year’s $38.91 billion, and it was short of the $38.45 billion projected by analysts polled by Zacks Investment Research. Decker said weak sales were mostly due to lumber deflation and bad weather, particularly in its Western division which had to contend with extreme weather in California.
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