Tuesday, May 19, 2020

Home Depot Misses Q1 Earnings Forecast on Coronavirus Costs; Scraps 2020 Profit Outlook

The Street
Home Depot posted weaker-than-expected first-quarter earnings Tuesday while scrapping its 2020 profit guidance, as pre-tax costs to counter the coronavirus pandemic reached $850 million.

Home Depot said earnings for the three months ending in on May 3 were down 8.4% from the same period last year. Group revenues, Home Depot said, rose 7.3% from last year to $28.3 billion, topping analysts' forecasts of $27.53 billion tally.

Home Depot also suspended its full-year 2020 profit guidance, which had forecast comparable sales rising between 3.5% and 4.%. . . . more