Home Depot reported first quarter earnings that came in below analysts’ expectations. The home improvement chain also withdrew its 2020 profit guidance.
Home Depot’s earnings for the three months ending in on May 3 fell -8.4% year-over-year to $2.08 per share, falling behind the Street consensus forecast of $2.27 per share.
Revenue, however, increased +7.3% from the year-ago quarter to $28.3 billion, exceeding analysts' estimate of $27.53 billion.
Amid coronavirus crisis, Home Depot withdrew its full-year 2020 profit guidance (It had earlier projected comparable sales increase between 3.5% and 4.% and earnings of $10.45 per share.)