Buyers arrive at Home Depot Inc. store in Louisville, Kentucky, USA, on Monday, February 25, 2019.
Luke Charrett | Bloomberg | Getty Images
Home Depot reported a quarterly profit that exceeded analysts' expectations, but sales fell.
Home Depot shares fell more than 5% in pre-market trading.
Here's what the company reported compared to what Wall Street expected based on a survey of analysts by Refinitiv:
- Earnings per share: $ 2.53, adjusted, compared to $ 2.52 expected
- $ 27.22 billion vs. $ 27.53 billion expected
- Same-store sales growth, global: 3.6% vs. 4.7% expected
Home Depot said profits fell to $ 2.8 billion, or $ 2.53 per a share of $ 2.9 billion, or $ 2.51
Sales increased 3.5% to $ 27.22 billion, just shy of analysts' estimates at $ 27.53 billion.
In the last quarter, an Atlanta-based company lowered its year-round revenue forecasts, in part because of potential tariff impacts. He estimated that December 15 tariffs and already existing 25% tariffs could increase his sales price by about $ 2 billion, or about 2% of annual sales.
Home Depot CEO Craig Menear also cited continued deflation of timber for lower sales forecasts.
Rival Lowe's program is scheduled to report its earnings ahead of Wednesday's bell. Lowe's CEO Marvin Ellison, who took on that role in July 2018, focused much of his attention on the professional contractor. In the second quarter of 2018, Lowe & # 39; s stated that the company added 35,000 new customers but did not disclose the total number of customers for competitive reasons.
Home Depot reached a 52-week high on Monday at $ 239.31. The stock, valued at $ 262 billion, rose 39% at the end of Monday. Rival Lowe & # 39; s, with a market value of nearly $ 89 billion, has accumulated 24% so far.
This story unfolds. Please check back for updates.
Correction: An earlier version of this story distorted the forecast for global sales in the same store. Analysts predicted a profit of 4.7%.