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Home Depot on Tuesday reported first-quarter earnings that beat analysts expectations, but same-store sales fell short of estimates.
Here's how the company did, compared to what Wall Street expected, according to Refinitive Consensus estimates
- Earnings per share: $ 2.27, vs. $ 2.18 expected
- Revenue: $ 26,381 billion, vs. $ 26,378 expected
- Same store sales: up 3%, vs. up 4.2% expected
Home Depot shares were up less than a percent in pre-market trade.
"We were pleased with the underlying performance of the core business despite unfavorable weather in February and significant deflation in lumber prices compared to a year ago," Home Depot CEO and President Craig said in a company release.
The company reaffirmed its guidance for fiscal 201
Home-builder and consumer confidence has been upbeat in May, despite an escalating trade war with China.
Retailers like Home Depot and rival Lowe's are positioned in the current environment, Oppenheimer's Brian Nagel said in a note to clients on Monday.
"In our view, a recent, substantial slide in mortgage rates should lead to a steady re-strengthening in key housing metrics, thereby supporting improved sales and, perhaps more importantly, undermining meaningfully the still negative market narrative weighing on multiples within the space. "Nail said. "We are optimistic that as weather turns more spring-like, sales of seasonal merchandise will improve, perhaps marketly."
As of Monday's market close, Home Depot shares, which have a market value of $ 210.6 billion, are up more than 11% this year and up less than a percent over the past 12 months. Lowe's, which is set to report earnings before Wednesday, is up 18% since January and 24% over the past 12 months. It has a market cap of $ 86.9 billion.
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