Home Depot's 2020 sales forecasts fall short of expectations

US home improvement retailer Home Depot told investors on Wednesday that it expects its 2020 full-year sales growth to come in below Wall Street expectations - just three weeks after cutting its 2019 guidance for revenues.

Home Depot said back in November that its One Home Depot strategy, which aims to improve both its online and brick-and-mortar businesses, was yet to generate the anticipated levels of revenue, prompting the firm to cut its 2019 sales forecast for a second time.

Chief executive Craig Menear said: "We are building on our distinct competitive advantages to capitalise on a large and fragmented market opportunity."

Home Depot was now forecasting fiscal 2020 sales growth of 3.5%-4.0%, versus analysts' projections for sales growth of 4.3%.

As of 1315 GMT, Home Depot shares were down 1.44% in pre-market trading at $212.80 each.