Shares of
Profit rose 5.1% to
Quarterly revenue for the
While the number of customer transactions dropped 4.3% in the quarter, shoppers were spending more, likely due to higher prices. The average ticket totaled
However, for the year, the home improvement retailer affirmed its expectations that sales would grow about 3%, which is weaker than most analysts have projected. It expects per-share growth in the mid-single digits percentage range.
“We believe that various headwinds will continue to gather pace, and this will buffet Home Depot’s results,” Saunders wrote. “However, this will be more about taking the edge off the growth numbers rather than causing sales to shrink."
A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from
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