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.
Dow Jones I.A.
39,807.37
04:30 15/10/20
Home Depot Inc.
$383.60
10:59 28/03/24
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.