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18.11.25 - 13:30
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Home Depot Slashes Outlook As Home-Renovation Demand Continues To Crumble (ZeroHedge)
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Home Depot Slashes Outlook As Home-Renovation Demand Continues To Crumble
Home improvement retailer Home Depot slashed its full-year earnings outlook after another weak quarter, citing soft big-ticket spending, a paralyzed housing market, and lackluster seasonal demand. Adjusted EPS is now expected to fall 5%, worse than prior guidance.
Third-quarter comparable sales rose just .2%, far below Bloomberg Consensus estimates of 1.36%. The retailer warned about weak consumer demand as elevated interest rates discourage home buying and remodeling. As a result, consumers are opting for smaller projects rather than upgrading their patios or building new decks.
Snapshot of the third quarter with Bloomberg Consensus estimates:
Comparable sales: +0.2% (miss; est. +1.36%)
U.S. comps: +0.1% (miss; est. +1.25%)
Total net sales: $41.35 bn (+2.8% y/y) — modest beat (est. $40.97 bn)
Includes ~$900 m from recent GMS acquisition
Adjusted EPS: $3.74 (miss; est. $3.84; down from ...
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