The
Atlanta, Georgia-based company's shares, which have gained more
than 26% this year, fell 4.9% in pre-market trading.
Home-improvement chains had a blockbuster 2020 as revenue and
profit surged from stuck-at-home Americans splurging on paint,
tools, and gardening equipment to upgrade their living spaces
through DIY projects.
The steady rollout of COVID-19 vaccines, however, prompted more
Americans to return to outdoor activities and abandon some
pandemic-induced shopping habits.
U.S. same-store sales at Home Depot climbed 3.4% in the second
quarter ended Aug. 1 - the smallest increase in two years, while
analysts had expected an increase of 4.9%, according to IBES
data from Refinitiv.
Overall net sales rose 8.1% to $41.12 billion, beating estimates
of $40.79 billion.
Net earnings in the reported quarter rose 11% to $4.81 billion.
The home-improvement retailer earned $4.53 on a per-share basis,
beating estimates of $4.44 per share.
(Reporting by Uday Sampath in Bengaluru; Editing by Sherry
Jacob-Phillips)
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