A customer loads plywood to a truck outside a Home Depot store in Galveston, Texas, on Tuesday, Aug. 25, 2020.
Scott Dalton | Bloomberg | Getty Images
Home Depot’s revenue fell short of Wall Street’s estimates in its fiscal របាយការណ៍ប្រាក់ចំណូលត្រីមាសទី ៤ ថ្ងៃអង្គារ។
The company also provided a muted outlook for the next year amid a tough consumer backdrop.
នេះជាអ្វី ទំព័រដើមដេប៉ូ posted, compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- ប្រាក់ចំណូលក្នុងមួយហ៊ុន៖ ២,២៨ ដុល្លារនិង ២,២៤ ដុល្លាររំពឹងទុក
- ចំណូល: $ 35.83 ពាន់លានដុល្លារទល់នឹង $ 35.97 ពាន់លានដែលបានរំពឹងទុក
It’s the first time Home Depot missed Wall Street’s revenue expectations since November 2019, before the ការរាតត្បាតសកលនៃ covid. Shares of the company fell Tuesday morning.
In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. The retailer’s reported net income of $3.36 billion, or $3.30 per share, was also 0.3% higher than the year ago period, which was $3.35 billion, or $3.21 per share.
Amid record levels of inflation, a shift in consumer behavior and a housing market slowdown, the home improvement retailer has repeatedly beat the Street’s expectations over the last year but fell a bit short in sales estimates.
The company attributed that solely to a drop in lumber costs, which had surged in price due to nationwide shortages in fiscal 2021. The drop in lumber negatively impacted comparable sales by 0.7%, it said.
“But for that we would have been right in line with our expectations,” Home Depot CFO Richard McPhail told CNBC.
“After two years of high volatility, we’ve seen a little more stability in recent weeks and months, but it’s hard to predict lumber prices.”
Home Depot said it expects sales and comparable sales to be approximately flat for the new fiscal year. It projects an operating margin rate of about 14.5%, which is impacted by a $1 billion investment Home Depot is making in wage growth.
Home Depot expects a mid-single-digit percent decline in diluted earnings per share.
The retailer issued the muted outlook because it expects some pressure in the goods sector and flat consumer spending, McPhail said.
“So we work from kind of a fundamental assumption that consumer spending will be flat. We know that our market has seen a gradual shift that reflects the broader shift in the economy, in consumer spending from goods to services,” he said.
“During Covid, we saw a shift into goods. Over the last really almost two years, we’ve seen a gradual shift back away from goods into services and we think our market has reflected that and we think that that dynamic could put some pressure on our market.”
These days, shoppers are using their discretionary dollars toward experiences and travel as many burn through their savings amid consistent inflation.
Still, McPhail insisted investments Home Depot has made positions it to “take share in any environment” and the company is confident it’ll overcome any market pressures.
Pressure catches up to Home Depot
Source: https://www.cnbc.com/2023/02/21/home-depot-hd-q4-earnings-2022.html