Wednesday, December 11, 2019

Home Depot forecasts 2020 sales growth below expectations

Home Depot Inc on Wednesday forecast tepid sales growth for next year, pointing to more weakness at the No.1 U.S. home improvement chain, just weeks after it cut its outlook for the 2019 fiscal year due to disappointment over an online overhaul.

The company has been investing heavily in its e-commerce business by adding automated lockers in its stores to keep shoppers from moving online and has developed a more user-friendly website under its “One Home Depot” program.

Home Depot is also ramping up its supply chain to speed up delivery as it wrestles with competition from smaller rival Lowe’s Cos Inc, which has been gaining market share in a tough retail environment.. . . more