Home Depot Backs FY19 Guidance; Sees FY20 Sales Up 3.5%-4%

Date : 12/11/2019 @ 12:00PM
Source : Dow Jones News
Stock : Home Depot Inc (HD)
Quote : 232.95  1.04 (0.45%) @ 1:00AM
After Hours
Last Trade
Last $ 232.75 ▼ -0.20 (-0.09%)

Home Depot Backs FY19 Guidance; Sees FY20 Sales Up 3.5%-4%

Home Depot (NYSE:HD)
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By Colin Kellaher

 

Home Depot Inc. (HD) on Wednesday reaffirmed its fiscal 2019 sales and earnings guidance, but it forecast fiscal 2020 same-store sales below Wall Street's expectations.

The Atlanta home-improvement retail giant said it still expects fiscal 2019 sales to rise about 1.8%, with comparable sales on a 52-week basis up about 3.5%.

The company also backed its full-year earnings forecast of $10.03 a share.

Home Depot last month reduced its sales guidance for the year due to the timing of some benefits from the three-year "One Home Depot" investment program it launched in fiscal 2018.

"We are confident that the investments we are making in the One Home Depot experience will address the evolving needs of our customers," the company said Wednesday. "We are building on our distinct competitive advantages to capitalize on a large and fragmented market opportunity and extend our leadership position for years to come."

For fiscal 2020, Home Depot said it expects total sales and comparable sales to rise by 3.5% to 4%. Analysts polled by FactSet, on average, are expecting same-store sales growth of 4.3% next year.

Home Depot also said it expects operating margin of about 14% and return on invested capital of roughly 45% next year.

Shares of Home Depot, which closed Tuesday at $215.90, fell about 1.1% in light premarket trading Wednesday.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 11, 2019 06:45 ET (11:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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